4.007 Uncancelled Lease With Assignment

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Requirement 4.007

Uncancelled Lease With Assignment

 

 Uncancelled Oil, Gas, and Mineral Lease:  The abstract reveals that an oil, gas, and mineral lease covering Tract 1 dated  September 14, 1968, and recorded in Real Property Book 1968, page 151, granted by Sam Houston to Goliad Exploration, Inc., is uncancelled of record. By instrument dated  October 1, 1968, and recorded in  Real Property Book 1968, page 251,  Goliad Esploration, Inc.,  assigned  the lease to  Uvalde Marketing, Inc. The abstract indicates that the above-described lease is uncancelled of record.

 Requirement:  If possible, obtain a cancellation of the above described oil, gas, and mineral leases or obtain an instrument releasing  Tract 1 from the lease. Alternatively: (i) furnish affidavits establishing the non-occurrence of any oil, gas, or mineral development, which could extend the lease beyond its primary term; and (ii) furnish proof from the records of the State Oil & Gas Board of Alabama that no oil, gas, or mineral development or production has occurred, which could extend the lease beyond its primary term.

Copyright 2011 by Edward G, Hawkins. All rights reserved.