Oil And Gas Lease
Definition of "Oil and gas lease"
A lease granted for the right to explore for and recover oil and gas on a specific parcel of property. The terms of an oil and gas lease specify the length of time of the contract, the landowner's royalties that will be paid to the property owner, and any bonus payments including warranties to repair surface damages. For example, an oil company agrees to pay a 10% landowner's royalty on the value of all recovered oil and gas on the property.
Popular Real Estate Terms
Main structural support beam. A girder is made of steel, reinforced concrete, or timber. It is designed to support loads at different points along its length. ...
Market Analysis in the Real Estate Market is basically research done concerning specific properties in relation to the overall current climate of the real estate industry. A good ...
Interest a person pays before it is actually incurred. An example is a one year's interest that a borrower agrees to pay in advance to a bank on a mortgage. This rarely occurs. ...
Land zoned for industrial use including manufacturing, factory office and warehouse space, research and development. ...
Visible area that can be readily seen by outside traffic. This is particularly important for a commercial business. ...
(1) Occupancy rate at which rental income of a property pays for operating expenses and debt service, leaving no residual cash flow. (2) The level of sales of a real estate business where ...
Owner of land allowing another to use space under the ground, such as to install a sewer or gas line. ...
Putting a waterproofing substance on the exterior cement walls of the structure to prevent water from entering the interior of structure. The cracks in the walls are patched up. ...
A clearly stated notice that an owner or operator will not assume responsibility for an inherent risk. For example, at a parking garage, a large notice of nonresponsability clearly states ...
Have a question or comment?
We're here to help.