oil and gas leases

An oil and gas lease is a legal agreement where a landowner grants a company the right to explore, drill, and extract underground resources like oil and gas. In exchange, the landowner typically receives upfront payments, ongoing royalties based on production, and possibly bonus payments. The lease specifies the terms, including the duration and the areas covered. Essentially, it allows energy companies to access and develop natural resources while providing the landowner compensation and benefits from the resource extraction.