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