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Who Do We Buy From?
The legal instrument used to assign or convey oil, gas, and mineral leases or overriding royalty interests.
The person who conveys oil, gas, and mineral leases or an overriding royalty in an assignment.
The person or people to whom the assignor conveys or assigns the oil, gas and mineral leases or overriding royalties.
A cash consideration paid to a landowner or mineral rights owner on the execution of an oil, gas or mineral lease.
A yearly payment paid during the primary term to the lessor to delay drilling.
A bank designated to receive and distribute delay rentals.
A schedule of owners and their share in the revenues of a well, derived from the sale of oil or gas.
A person who makes a grant of land, minerals, or other property.
The person receiving a grant.
Gross Working Interest
Interest in a well which bears drilling and operating expenses.
Joint Operating Agreement
An agreement among owners defining how a well will be operated.
A person who owns land and is usually permitted to sell or lease the minerals beneath it.
In this context, usually refers to an oil, gas or mineral lease.
The party who purchases a lease.
The party who grants a lease.
The party owning the minerals under a piece of land along with the right to execute a lease on the property.
Net Revenue Interest
Interest in the revenues of a well.
Net Working Interest
Share in well proceeds attributable to the working interest.
Non-Operating Working Interest
A party who has an interest in a well, but is not the operator.
A royalty interest that participates in any oil, gas or mineral found but does not receive lease bonuses or rentals.
Normally occurring radioactive material, which may cause environmental issues.
Oil, Gas and Mineral Lease
An agreement outlining such basic terms as royalties, duration and description of the property.
See joint operating agreement.
The costs of operating a well.
A working interest operator who is also the well operator.
The party designated in the operating agreement to operate the well.
A payment in excess of the royalty included in the oil lease usually added during an intervening assignment.
An oil and gas lease that includes both rental and bonus payments.
A royalty interest giving its owner the right to participate in bonuses received from leases as well as royalties from oil or gas.
The initial period of development in an oil and gas lease.
A clause limiting non-producing lands or depths beyond the primary term of the lease.
Funds received from the production of oil, gas or minerals.
Stub attached to a check showing month of production, whether it is from gas or oil, price received and total volumes produced.
Salt Water Disposal Well
A well where oil field salt water is disposed.
A tax paid on oil or gas that is produced, i.e. “severed” from the earth.
Minerals that have been severed from the surface title.
An inactive well.
An owner who does not have rights to the minerals under his land.
Unleased Mineral Interest
A mineral interest that is not subject to an oil lease.
Interest in a well, which includes drilling and operating expenses.
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