Lease
Oil and gas producing companies do not always own the land they drill on. Most 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 the payments to the lessor.
Lessees of mineral rights have a right of reasonable access to leased land to explore, develop, and transport minerals (Hunt Oil Co. v. Kerbaugh), unless the lease specifies otherwise (a "no-surface access" lease).
Read more about this topic: Oil And Gas Law In The United States
Famous quotes containing the word lease:
“Shall I compare thee to a summer’s day?
Thou art more lovely and more temperate.
Rough winds do shake the darling buds of May,
And summer’s lease hath all too short a date.”
—William Shakespeare (1564–1616)
“Summer’s lease hath all too short a date.”
—William Shakespeare (1564–1616)