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HomeMy WebLinkAbout9103284 RESCISSION OF RELEASE OF OIL AND GAS LEASES STATE OF WYOMING § COUNTY OF LINCOLN CABOT OIL & GAS CORPORATION, a Delaware Corporation, with offices at ~!.-1200 Enclave Parkway, Houston, Texas, 77079, is the owner of the oil and gas leases described on the attached Exhibit "A" ("Subject Leases") coveting lands in Lincoln County, Wyoming described on Exhibit "A". Each of the Subject Leases is dated April 12, 2002 and has a primary term of three years. Each of the Subject Leases grants to the Lessee the right and option to extend the primary term of the lease from three years to eight years by paying or tendering to Lessor on or before the expiration of the primary terln an amount specified in the lease. Hanson & Stralm, Inc., on behalf of Cabot Oil & Gas Corporation, made the payment to the Lessor of each of the Subject Leases that was necessary to extend the primary term of the leases from three years to eight years. By Affidavit of Lease Extension executed April 4, 2005, recorded April 8, 2005 in Book 582 at Page 717 in the records of Lincoln County, Wyoming, Hanson & Stralm, Inc. states that the payment necessary to extend each of the Subject Leases was made on April 4, 2005. Thus, the primary term of each of the Subject Leases has been extended until April 12, 2010. By Release of Oil and Gas Leases dated May 3, 2005, recorded on May 13, 2005 in Book 585 at Page 229 in the records of Lincoln County, Wyoming ("Release"), Cabot Oil & Gas Corporation released each of the Subject Leases. Cabot Oil and Gas Corporation did not intend to release the Subject Leases, and executed and recorded the Release by mistake. A release of an oil and gas lease executed by n-fistake may be rescinded unilaterally. Humble Oil & Refining Cornpany v. Chappuis, 239 So.2d 400, 404 (La. Ct. App. 1970); Annbruster v. Thetis Energy Corp., 675 P.2d 476, 478 (Okla. Ct. App. 1984); Hayes v. E.T.S. Enterprises, Inc., 809 S.W.2d 652, 659 (Tex. App. 1991). Because the Release of Subject Leases was executed by mistake, Cabot Oil & Gas Corporation hereby unilaterally rescinds the Release of Subject Leases executed May 3, 2005. WITNESS the hand of CABOT OIL & GAS CORPORATION acting by and tkrough it's hereunto duly authorized officers and under its corporate seal at Houston, Harris County, Texas, on this /,/7''t day of July, 2005. CABOT OIL & GAS CORPORATION J. Scott Arnold, Vice President ACKNOWLEDGEMENT of July 2005. STATE OF TEXAS § COUNTY OF HARRIS § This instrument was acknowledged before me this/5/ ~day of July, 2005 by J. SCOTT ARNOLD, Vice President of CABOT OIL & GAS CORPORATION, a Delaware corporation, on behalf of said Corporation. GIVEN UNDER MY HAND AND SEAL OF OFFICE on this the?.ff_~ day Notary Public in and for State of Texas RECEIVED 7~27~2005 at 4:20 PM RECEIVING # 910328 BOOK: 592 PAGE: 414 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ,-004'~ 5 ! X LLI