BLAW 442 - The Law of Property Oil and Gas Leasing II

Class Hours: 3
Lab/Discussion: 0
Credits: 3

Prerequisite: BLAW 441
Second legal course in the energy/oil and gas sequence and builds upon and advances concepts from the first course. Specifically geared toward the sophisticated legal understanding required to be employed as “landman” in the oil and gas fields. Covers these topics: the Habendum Clause, the drilling and rental clause, dry hole, cessation of production, and drilling operation provisions, delayed rental and bonus provisions, forfeiture and related provisions, implied covenants, prudent operator standard, implied drilling covenants, protection covenants, development, marketing and reasonable care covenants, assignments of royalties, royalty calculation under various state laws, drilling, and operating agreements, assignment of working interest, pooling and utilization issues and problems, oil and gas forms and leases, lien subrogation rights, environmental impacts from drilling standpoint and landowner standpoint. Industry guest speakers may also address these issues.