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When will I receive another lease payment?
What is an Oil and Gas Lease?
An oil and gas lease is a written agreement where someone owning the right to underground gas, oil or other substances (the “Lessor”) allows another party (the “Lessee”) to explore for, drill, and produce oil or gas on specified lands for a certain period of time, in exchange for the payment of royalties. The lessor may own those rights because it owns the surface, or the surface owners may have sold those rights to someone else in the past. The lease provides a legal description of the property covered, the amount of royalty to be paid (typically expressed as a fraction or percentage), the length of the lease, and the rights and obligations that the Lessor and Lessee have agreed to.