Lease Obligations
This window stores information about the owners of the land that each lease contains. These are the people that will be paid delay rental payments for their share of the lease. Each obligation that needs paid will be setup on here.
Main Information
Basic Info Tab
Clauses Tab
Notes Tab
Lease
The lease ID code that the landowner is associated with.
Payee
The landowner's ID code. The landowner must have first been defined in the Owner Information file.
Status
The status of this landowner. The available choices are Active, Inactive and on Hold.
Acres Owned
The number of acres that are owned by this land owner.
Rental Per Acre
The fee charged per acre for rental.
Payment Freq in Months
Select whether the payments should be monthly, quarterly, semi-annually or annually.
Monthly - Paid every month.
Quarterly - Paid in January, April, July, and October.
Semi-Annually - Paid in January, July.
Annually - Paid in January.
Pmt Per Period
The total payment resulting from the landowner's total acreage multiplied by the rental per acre fee.
Lease Duration
The length of the lease.
Expiration Date
The date the lease expires.
Yearly Pmt Total
Total amount paid during the current year. This field updates automatically based on amounts already paid out.
Payment Total to Date
The total amount paid for rent to date. This field updates automatically based on amounts already paid out.
Recording Date
The date the lease was recorded.
Book/Page
The book and page where this lease is recorded.
Instrument No.
The number of the instrument associated with this lease if the records are stored electronically.
Payment Start Date
The date when payments started.
Next Payment Date
Date when the next payment is due.
Contract Start
The date when the contract began.
Contract Expires
Date when the contract expires.
Payment Description
A description that is used for the payment.
The clauses tab allows you to enter notes and clauses for the Lease. This information is grouped by one of the available options. Mark each option that you want to enter notes/clauses for. Once marked, the corresponding tab will be available across the top of the notes field. You can go to each tab and enter the desired information.
The available groupings are: Renewal, Pooling, Depth Restriction, Shut-In, ORRI, Free Gas, Continuous Drilling, Unitization, Landowner App, and Assignment.
You can enter any free-form notes that pertain to this well by using the Notes page.
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