In a world where there is no true “standard” oil and gas lease, Form 88 is about as close as it gets. Throughout the infancy and adolescence of the United States oil and gas industry, oil and gas lease Form 88 was considered the “standard form”. In this article, we will discuss what makes up Form 88 and how it is used today.
What is Oil and Gas Lease Form 88?
Form 88, is also known as the “Printed Form,” as it is the most commonly signed portion of an oil and gas lease. In full, Form 88 is properly called, “Standard Producers 88 Oil, Gas, and Mineral Lease,” or simply, the “Producer’s 88.”
The Producer’s 88 is the most widely used form for American oil and gas lease agreements, however, this does not mean that it is the best for individual oil and gas leases.
Oil and Gas Lease, Producers 88 Printed Form Resources
If you would like to see a sample of what a standard Producers 88 form looks like, there are many resources available online. The form was meant to be easily copied while only substituting information for drilling locations, involved parties, and specific lease terms.
Although there are many variations of the document floating around, here is one resource to quickly see a standard form.
Should You Use a Standard Form 88?
Today, oil and gas leases have never been more complicated. To tell the truth, it is very rare that the “standard” Producers 88 form is every used as-is. The Standard Producers 88 grants essentially full access to a property’s surface rights for the oil company to improve for the extraction, which may not sit well with some people. Additionally, new technologies in drilling have led to complicated land issues, making some of the 88’s language to be a bit obsolete.
Ultimately, if an oil or gas company asks you to sign a “standard” form, it is very important you give it a second glance before singing something potentially detrimental.