You have a hunch that there's oil on private property, but you need an Oil Lease before you can start exploring. Or maybe your great aunt has left you some property - or mineral rights - in an area where oil has been found. When you get a call from an eager prospector, you'll want to sign an Oil Lease that ensures you get your share if the site yields a gusher.
An Oil Lease grants the rights to explore and extract oil from a private property. It may also cover rights to extract gas and related minerals. You'll need to have a good understanding of the rules, and your rights, before you sign. After all, an Oil Lease might come to nothing, but the stakes are high if the site proves to be rich. The lease will lay out a structure for paying royalties from any oil that is discovered. Generally, oil royalties are paid as a percentage of the oil that is produced. An Oil lease may include a requirement that the prospector begin exploration or drilling within a specific time period. You can also decide up front whether the owner or the lessor can assign their rights to another party. You should have details of the arrangement in writing well before mining equipment is in the picture. An Oil Lease can help you, whether you're a soon to be tycoon or not.
Other names for this document: Oil and Gas Lease, Oil Lease Form, Oil Lease Agreement
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