Common use of Two year extension Clause in Contracts

Two year extension. The lessee of a lease issued before August 8, 2005, may apply to extend a lease that was within 2 years of the end of its term on August 8, 2005, for up to 2 years to allow achievement of production under the lease or to allow the lease to be included in a producing unit. (a) Any leases issued in response to applications that were pending on August 8, 2005, are subject to this part and part 3280, except that such leases are subject to the BLM regulations in effect on August 8, 2005 (43 CFR parts 3200 and 3280 (2004)), with regard to regulatory provisions relating to royalties, minimum royalties, rentals, primary term and lease extensions, diligence and annual work requirements, and renewals. (1) The lessee of a lease issued pursuant to an application that was pending on August 8, 2005, may elect to be subject to all of the regulations in this part and part 3280, without regard to the exceptions in paragraph (a) of this section. (2) For leases issued on or after August 8, 2005, and before June 1, 2007, an election under paragraph (b)(1) of this section must occur no later than December 1, 2008. (3) For leases issued on or after June 1, 2007, the lease applicant must make its election under paragraph (b)(1) of this section and notify BLM before the lease is issued. (a) BLM may issue leases on: (1) Lands administered by the Department of the Interior, including public and acquired lands not withdrawn from such use; (2) Lands administered by the Department of Agriculture with its concurrence; (3) Lands conveyed by the United States where the geothermal resources were reserved to the United States; and (4) Lands subject to Section 24 of the Federal Power Act, as amended (16 U.S.C. 818), with the concurrence of the Secretary of Energy. (b) If your activities under your lease or permit might adversely affect a significant thermal feature of a National Park System unit, BLM will include stipulations to protect this thermal feature in your lease or permit. These stipulations will be added, if necessary, when your lease or permit is issued, extended, renewed or modified.

Two year extension. The lessee of a lease issued before in effect on August 8, 2005, may apply to extend a lease that was within 2 two years of the end of its term on August 8, 2005, for up to 2 two years to allow achievement of production under the lease or to allow the lease to be included in a producing unit. (a) Any leases issued in response to applications that were pending on August 8, 2005, are subject to this part and part 3280, except that such leases are subject to the BLM regulations in effect on August 8, 2005 (43 CFR parts 3200 and 3280 (2004))2005, with regard to regulatory provisions relating to royalties, minimum royalties, rentals, primary term and lease extensions, diligence and annual work requirements, and renewals. (1) The lessee of a lease issued pursuant to an application that was pending on August 8, 2005, may elect to be subject to all of the regulations in this part and part 3280, without regard to the exceptions in paragraph (a) of this section. (2) For leases issued on or after August 8, 2005, and before June 1, 2007[Effective Date of Final Rule], an election under paragraph (b)(1) of this section must occur no later than December 1, 200818 months after [Effective Date of Final Rule]. (3) For leases issued on or after June 1, 2007[Effective Date of Final Rule], the lease applicant must make its election under paragraph (b)(1) of this section and notify BLM before the lease is issued. (a) BLM may issue leases on: (1) Lands administered by the Department of the Interior, including public public, withdrawn and acquired lands not withdrawn from such uselands; (2) Lands administered by the Department of Agriculture with its concurrence; (3) Lands conveyed by the United States where the geothermal resources were reserved to the United States; and (4) Lands subject to Section 24 of the Federal Power Act, as amended (16 U.S.C. 818), with the concurrence of the Secretary of Energy. (b) If your activities under your lease or permit might adversely affect a significant thermal feature of a National Park System unit, BLM will include stipulations to protect this thermal feature in your lease or permit. These stipulations will be added, if necessary, when your lease or permit is issued, extended, renewed or modified.