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The foundational legal document of the U.S. oil and gas industry is the oil and gas lease. [6] Oil and gas producing companies do not always own the land they drill on. Often, the company (the lessee) leases the mineral rights from the owner (the lessor). Major points in a lease include the description of the property, the term (duration), and ...
It is possible for a mineral right owner to sever and sell an oil and gas royalty interest, while keeping the other mineral rights. In such case, if the oil lease expires, the royalty interest is extinguished, its purchaser has nothing, and the mineral owner still owns the minerals.
A Landman or "Petroleum Landman"—in the United States and Canada—is an individual who performs various services for oil and gas exploration companies. [1] According to the website of the American Association of Professional Landmen (AAPL), these services include but are not limited to: negotiating for the acquisition or divestiture of mineral rights; negotiating business agreements that ...
Biden came into office pledging to end federal oil and gas leasing, but he has been forced by court order to hold a few lease auctions. He also agreed to more leasing to win the support of Sen ...
The Bureau of Land Management sold several leases of public land around Carlsbad to oil and gas companies in 2021, providing the acreage for fossil fuel development within the booming Permian Basin.
The auction, conducted Nov. 30 by the federal Bureau of Land Management, saw leases on about 553 acres in nine parcels sold to oil companies in New Mexico and Oklahoma
In the oil and gas industry, a farmout agreement is an agreement entered into by the owner of one or more mineral leases, called the "farmor", and another company who wishes to obtain a percentage of ownership of that lease or leases in exchange for providing services, called the "farmee." The typical service described in farmout agreements is ...
The New Mexico State Land Office said it would not lease the lands to oil companies until it is allowed to charge a higher royalty rate. Oil and gas leases blocked on Permian Basin state land most ...