Glossary
- Assignee
- the person or persons to whom oil and gas leases of overriding royalties are assigned
- Assignment
- transfer, sale or conveyance (common oil and gas conveyances include: working interest, overriding royalty interests, leases, royalty and net profit interests) of ownership interest or rights owned in real estate or other such property
- Assignor
- person or persons conveying oil and gas leases or overriding royalties in an assignment
- Conveyance
- a written contract between a grantor and grantee, transfer title or rights to real estate or property are common uses
- Crude oil
- mixture of petroleum liquids and gases
- Gas well
- a natural gas producing well which is not associated with crude oil
- Grantee
- a person who receives lands and or minerals
- Grantor
- a person who grants or conveys lands and or minerals
- Lease
- legal contract giving an operator the right to drill for and or produce oil, gas and minerals for a specified term
- Mineral rights
- ownership interest of minerals beneath the earth’s surface with the right to remove them. Mineral rights does not imply surface rights ownership
- Natural gas
- A naturally occurring mixture of hydrocarbons, primarily methane, occurring naturally in the earth
- Overriding Royalty
- A percentage share of oil and or gas production, free of all drilling and producing costs, created by the lessee or working interest owner
- Petroleum
- A generic term for hydrocarbons in a gaseous, liquid or solid phase. Forms include; crude oil, natural gas liquids, natural gas and their products
- Royalty interest
- these interests (including overriding royalty) entitle their owner(s) to a share of the mineral production from a property
- Shale
- sedimentary rock formed from mud and silt (clay)
- Severance
- the severing or separation of mineral rights from the surface rights via mineral deed or mineral reservation
