In this world, there is no true “standard” oil and gas lease. That is why 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 it up and how it is useable today.
What is this form?
This form is also known as the “Printed Form,”. It is a signable portion of an oil and gas lease. In full, the proper term of Form 88 is, “Standard Producers 88 Oil, Gas, and Mineral Lease,”. Do you want a simpler term? Let’s call it 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 Resources
Would you like to see a sample of what a standard Producers 88 form looks like? Well, there are many resources available online. You can easily copy or down load the form 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?
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 ever used as-is. The Standard Producers 88 grants essentially full access to a property’s surface rights. It is for the oil company to improve the extraction. This 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.
If you have further questions about the topic, feel free to reach out to us here.