Oil and Gas Lease
/ˈɔɪl ænd ɡæs liːs/
Definitions
- (n.) A contract granting the lessee rights to explore, extract, and produce oil and gas from a specified tract of land.
The company signed an oil and gas lease to begin drilling on the property.
- (n.) A hybrid lease combining a mineral lease with a lease of the surface rights to conduct oil and gas operations.
The landowner executed an oil and gas lease giving surface access rights for drilling.
Forms
- oil and gas lease
- oil and gas leases
Related terms
See also
Commentary
Draft oil and gas leases carefully to define the scope of rights, duration, royalty rates, and surface use to avoid future disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.