oil and gas lease

oil and gas lease
A grant of the sole and exclusive right to develop the land described in the lease for oil arid gas or a demise for a designated term of years for the purpose of such development, subject to the conditions of a payment of royalty in the event of production, of the commencement of drilling operations on or before a specified date, and of the performance within a prescribed time of a certain amount of development work. 24 Am J1st Gas & O § 34.

Ballentine's law dictionary. . 1998.

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