Oil and Gas Lease
Oil and Gas Lease :
(n.) Oil and Gas Business. A contract between mineral owner, otherwise known as the lessor and a company or working interest owner, otherwise known as the lessee in which the lessor grants the lessee the right to explore, drill and produce oil, gas and other minerals for a specified primary term and as long thereafter as oil, gas or other minerals are being produced in paying quantities. Thislease gives the lessee a working interest. The oil and gas lease is granted in exchange for royalty payments to the lessor. See: Paid-Up Lease, Royalty, Term Lease, Top Lease, Working Interest
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