Regarding the lease terms, once a producing well is found, the lease reverts to HBP (held by production) status, and the lease is then held until the well quits producing (or sometimes quits making money). So you can have wells producing on leases that are decades old. Regarding the flaring, it was commonly done years ago because there were no pipelines for the gas. Gas prices were very low, there were limited markets, and it just wasn't economic to do anything with the gas. Now days, the gas is usually too valuable to waste by flaring, and most states have strong limitations on flaring. Some flaring may be allowed during the testing phase, but that's it. There's a lot more to it, but these are the basics.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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