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 [..]

Definition A grant of the sole and exclusive right to explore for oil, gas, and sometimes other minerals, and to extract them from the ground.

Oil and gas lease is a contractual agreement between owners of a mineral(lessor) and the producer (lessee) whereby the lessor grants the right to develop deposits of mineral to a producer (the lessee) [..]

 – A lease of the minerals from the landowner (the “Lessor”) to the oil and gas company (the “Lessee”). Typically, when production of oil and/or gas occurs, the landowner will receive a bonus and a ro [..]