HomeMy WebLinkAboutResolution - 2292 - Amendment To Oil Lease Agreement With PSP Operating - 04/09/1986MH: da
RESOLUTION
Resolution #2292
April 9, 1986
Agenda Item #16
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock an Amendment
to Oil & Gas Lease by and between the City of Lubbock and PSP Operating,
Inc., attached herewith, which shall be spread upon the minutes of the
Council and as spread upon the minutes of this Council shall constitute and
be a part of this Resolution as fully copied herein in detail.
Passed by the City Council this 9th day a
ATTEST:
anetty 8oya,laity 5ecretar
APPROVED AS TO CONTENT:
5 cam/
Robert assenga e, Astistant
City Manager for Financial Services
APPROVED AS TO FORM:
4.,
Michele/Hart, AssistanE City Attorney
Resolution # 2292
AMENDMENT TO OIL & GAS LEASE
This Amendment, made and entered into on this 9th day of
April, 1986, by and between the City of Lubbock, Texas, Lessor
and PSP Operating Inc., Lessee, a Texas corporation.
WHEREAS, an Oil & Gas Lease was entered into by W. E.
Medlock as Lessee and the City of Lubbock, as Lessor on the 9th
day of November, 1984, and
WHEREAS, an amendment to such Oil & Gas Lease was executed
on the 24th day of October, 1985 which amended Section 5(c) of
the Lease and provided for the termination of Lease if Lessee
failed to commence operations for the drilling of Comanche Canyon
No. 2 within nine (9) months of completion of Comanche Canyon No.
1, and
WHEREAS, said amendment was intended to provide an extension
of drilling time for Comanche Canyon No. 2 and provide temporary
relief from termination under the continuous operations clause of
the Lease, and
WHEREAS, such amendment and extension was unnecessary due to
the fact the Lease was and is now still in the primary term and
the continuous operations clause is not in effect until after the
primary term, and
WHEREAS, W. E. Medlock assigned his interest in the Lease to
PSP Operating, Inc., and
WHEREAS, the City of Lubbock, and PSP Operating, Inc. desire
to amend the Lease to avoid automatic termination as provided in
the Amendment dated October 24, 1985, Resolution No. 2182; NOW
THEREFORE, such Oil & Gas Lease is hereby amended as follows:
The Amendment dated October 24, 1985, Resolution No.
2182 to the Oil & Gas Lease dated November 9, 1984 between
the City of Lubbock and W. E. Medlock is hereby cancelled
and rendered null and void by the parties hereto, and such
Oil & Gas Lease will now read as originally written and as
the above-mentioned Amendment had never been executed.
In testimony Whereof, this instrument is executed on the day
and year first above written.
LESSOR:
CIT
BY:
Rene to Boyd, City Secretary
THE STATE OF TEXAS §
COUNTY OF LUBBOCK §
LESSEE:
PSP OPERATING, INC.
BY:
MARIE HEATHINGTON, P F,
IDENT
ATTEST:
BEFORE ME, the undersigned authority, a Notary Public in and
for said County, Texas on this day personally appeared MARIE
HEATHINGTON, President of PSP Operating, Inc., known to me to be
the person whose name is subscribed to the foregoing instrument
and acknowledged to me that she executed the same, for the
purposes and consideration therein expressed and in the capacity
therein stated.
GIVEN UNDER MY HAND AND
Is
T '
• WM. MARK THOMPSON
Noisy Public. Sift of Taa
My commiuion Lilw" Od" 28.1"7
THE STATE OF TEXAS
COUNTY OF LUBBOCK
SEAL OF OFFICE this \\ k�k day of
1986.
VUrYI . M64 I LMD-5cm
Notary Public in and fo
Lubbock County, Texas
My Commission Expires:
E
0
BEFORE ME, the undersigned authority, a Notary Public in and
for said County, Texas on this day personally appeared ALAN
HENRY, Mayor, known to me to be the person whose name is sub-
scribed to the foregoing instrument and acknowledged to me that
he executed the same, for the purposes and consideration therein
expressed and in the capacity therein stated.
IVE#1 DER MY HAND AND SEAL OF OFFICE this z --day of
1986.
Not y Public in and or
Lubbock County, Tex .
pl1d�a. IT.
My Commission Expires: 30
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