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
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Real estate business owned by one person having all the rights and obligations. ...
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Landowner's legal right to the water found on his property. For example, there might be a stream of water adjacent to the land. The water might be used for irrigation or other purposes. ...
Agreement to exchange real estate upon specific terms. ...
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Real rate of interest on a loan. It is the coupon rate divided by the net proceeds of the loan. Assume Sharon took out a $1,000,000, on year, 10% discounted loan to buy real estate. The ...
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