58 Pa. Stat. § 902

Current through Pa Acts 2024-53, 2024-56 through 2024-92

Section 902 - Definitions

The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Lessee." A person who has the right to extract oil or natural gas, or both, pursuant to an oil or natural gas lease. The term includes an assignee of the lessee.

"Lessor." An owner of oil and natural gas in place who controls the oil and natural gas rights and has executed an oil or natural gas lease.

"Oil or natural gas lease." A lease between a lessor and lessee for the extraction of oil or natural gas, or both, from the land of the lessor and which lease is recorded with the recorder of deeds of the county in which the land is located.

"Surrender document." A written document relating to an oil or natural gas lease which includes:

(1) A brief description of the land upon which the lease is based, including the municipality in which the land is situated.

(2) A statement that the oil or natural gas lease is terminated, expired or canceled pursuant to the terms of the lease.

(3) The date of the termination, expiration or cancellation.

(4) A statement indicating that the lessee surrenders all of the lessee's rights, duties and interests under the lease.

(5) The signature of the lessee.

58 P.S. § 902

Added by P.L. TBD 2014 No. 152, § 2, eff. 12/21/2014.