Lease: Oil – Minerva and Gormley 1895

Floyd County Court 1895

This Lease made this 1st day of May A.D. 1895 between Minerva Priest of the county of Floyd and State of Kentucky first party and L.H. Gormley of second party. Witnesseth: That first party grant unto second party the sole right to produce petroleum and natural gas from the following name tract of land situated in Floyd County and state of Kentucky bounded and described as follows to-wit: Johns Creek, on the North by land of M. Blackburn, on the East by land of R. Taylor, on the South by lands of E. Morrison, on the West by lands of John Scalf containing 175 acres more or less reserving 5 acres around the building to be located by the first party and whereon there shall be no ? by either party. Specifically granting the second party for and during the term of fifteen (15) years from this date the exclusive right to drill and operate oil and gas wells; to lay and operate pipe lines; the necessary right of way over the premises; the use of enough land on which to preserve the products and to erect such buildings as they may desire; the free use of water if found on the premises; with the right at any time to annul this lease by failing to comply with its terms and to remove all machinery and fixtures which they may have placed thereon; and should the second party find a paying production of oil or gas on said land during said term then first party agree to extend this lease from year to year as long as said production continues. In consideration for which the second party agrees as follows: 1st to pay the sum of one dollar in hand, the receipt of which first party hereby acknowledge; 2nd to use and ? only so much of said land as may be necessary for purposes herein granted; 3rd to commence operations and to complete one well on the land herein leased within one year after oil is found in this or an adjoining county and proper means are furnished for transporting into market or thereafter pay as rent to first party ten (10) cents per acre yearly in advance until such well is completed until second party elects to cancel this lease by non-payment of said rent; 4th to deliver to first party in pipelines free of charge one-eighth of all the oil they may produce and ? from said land; 5th to pay first party for any well from which gas is marketed ? annually in advance the sum of $100 dollars at the beginning of each six (6) months while the sale of gas continues; 6th to pay any money becoming due to first party at Prestonsburg; 7th second party agrees to drill and complete one or more test wells to completion and said well or wells shall be located within ten miles of Prestonsburg shall be completed within twelve months from the date hereof or thereafter pay rent 10 cents per acre under same ? lien as in clause 3 of this lease. All rights under this instrument shall accrue to the heirs, assigns and other legal representatives of each party hereto. In witness whereof, ? the first and second parties have hereunto set our hands and seals the day and year first above written.

 

In presence of /s/ Minerva Priest

Her /s/ L. H. Gormley

Susan x Collins

Mark

J.D., Martin