A budgetary document, usually prepared by the operator, to list estimated expenses of drilling a well to a specified depth, casing point or geological objective, and then either completing or abandoning the well

(a)  

The sale, transfer or conveyance of all or a fraction of ownership interest or rights owned in real estate or other such property

(a)  

The right to receive a reversionary interest at some future time, upon fulfillment of contractually specified conditions

(a)  

An agreement between two or more parties to review technical data prior to deciding whether to bid on a concession

(a)  

A monetary incentive given by the lessee (either an individual or company) to the lessor (mineral owner) for executing or ratifying an oil, gas and mineral lease

(a)  

A working interest generally paid in consideration for work related to the prospect

(a)  

The combining of smaller federal tracts of land to total the acreage required by the US Bureau of Land Management and/or state regulations to form a legal spacing and proration unit

(a)  

A grant extended by a government to permit a company to explore for and produce oil, gas or mineral resources within a strictly defined geographic area, typically beneath government-owned lands or lands in which the government owns the rights to produce oil, gas or minerals

(a)  

The geographic area in which the government allows a company to operate

(a)  

A written contract between a grantor and grantee, used to transfer title or rights to real estate or property

(a)  

A portion of produced oil that the operator applies on an annual basis to recover defined costs specified by a production sharing contract

(a)  

Consideration paid to the lessor by a lessee to extend the terms of an oil and gas lease in the absence of operations and/or production that is contractually required to hold the lease

(a)  

An agreement between the operator and net revenue interest (NRI) owner in which the parties specify the fractional type of interest attributed to the NRI owner by the operator after an examination of title

(a)  

The process of examining a seller’s property and records before a prospective buyer commits to its purchase

(a)  

The party that acquires the rights to drill and earn an assignment of the leasehold interest, receiving a farm-in

(a)  

The party that originally owns the leasehold interest and assigns the farmout

(a)  

A contractual agreement with an owner who holds a working interest in an oil and gas lease to assign all or part of that interest to another party in exchange for fulfilling contractually specified conditions

(a)  

Ownership of the entire and absolute right or interest to use or exploit a tract of land from the center of the earth to the stars, including the air, surface and minerals

(a)  

The amount of foreign personnel, material and services that working interest owners are permitted to employ, as defined under the terms of a concession when drilling and operating a well

(a)  

The total amount of revenue that a host government receives from production

(a)  

A provision in an oil, gas and mineral lease that perpetuates a companys right to operate a property or concession as long as the property or concession produces a minimum paying quantity of oil or gas

(a)  

A method to convey or reserve oil, gas or mineral rights at specific depths or geologic horizons

(a)  

A percentage share of production, or the value derived from production, which is granted to the lessor in the oil and gas lease, and which is free of the costs of drilling and producing

(a)  

An occasion when a governmental body offers exploration acreage for leasing by exploration and production companies, typically in return for a fee and a performance or work obligation, such as acquisition of seismic data or drilling a well

(a)  

The amount of local personnel, material and services that working interest owners are required to employ when drilling and operating a well, as specified under the terms of a concession agreement

(a)  

An agreement by which a party sells production on behalf of a producing company and then remits the proceeds, minus agreed-upon costs and expenses, to the producing company

(a)  

Ownership of the right to exploit, mine or produce all minerals lying beneath the surface of a property

(a)  

A contract between a host country and an operator that specifies the services and costs of services that the operator must use in the development of a concession

(a)  

A share of net proceeds from production paid solely from the working interest owners share

(a)  

A share of production after all burdens, such as royalty and overriding royalty, have been deducted from the working interest

(a)  

A percentage share of production, or the value derived from production, which is free of the costs of drilling and producing, created by the lessor or royalty owner and borne by the lessor or royalty owner out of the lessor royalty

(a)  

Ownership in a share of production, paid to an owner who does not share in the right to explore or develop a lease, or receive bonus or rental payments

(a)  

A contract between mineral owner, otherwise known as the lessor and a company or working interest owner, otherwise known as the lessee in which the lessor grants the lessee the right to explore, drill and produce oil, gas and other minerals for a specified primary term and as long thereafter as oil, gas or other minerals are being produced in paying quantities

(a)  

An agreement between parties who own a working interest in a well that sets out responsibilities and duties of the operator and nonoperators, including drilling the test well and subsequent wells, and sharing of expenses and accounting methods

(a)  

Ownership by a lessee, company or working interest owner, which is burdened with the costs of leasing the acreage and drilling and operating a well

(a)  

The owner of the right to drill or produce a well, or the entity contractually charged with drilling of a test well and production of subsequent wells

(a)  

A percentage share of production, or the value derived from production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner

(a)  

Ownership in a percentage of production or production revenues, free of the cost of production, created by the lessee, company and/or working interest owner and paid by the lessee, company and/or working interest owner out of revenue from the well

(a)  

An oil and gas lease in which delay rentals for the entire primary term are paid in advance with the bonus consideration

(a)  

The proportion of exploration and production costs each party will bear and the proportion of production each party will receive, as set out in an operating agreement

(a)  

The point at which all costs of leasing, exploring, drilling and operating have been recovered from production of a well or wells as defined by contractual agreement

(a)  

The accumulation of smaller tracts of land, the sum total acreage of which are required for a governmental agency to grant a well permit or assign a production quota or allowable to an operator

(a)  

The right that a party has reserved or acquired to operate a lease, well, unit and/or concession

(a)  

The period of time during which an oil and gas lease will be in effect, in the absence of production, drilling or other operations specified by the lease

(a)  

Payment by a well operator to a host country upon achievement of certain levels of production

(a)  

A portion of proceeds from production, specified by contract, and payable to the lessor or farmor, or host country until total payment has reached a predetermined limit specified by contract

(a)  

A fine paid to the host country for failure to attain specified production rates over a defined period of time

(a)  

An agreement between the parties to a well or wells and a host country to utilize specified goods and services from that country

(a)  

An agreement between the parties to a well and a host country regarding the percentage of production each party will receive after the participating parties have recovered a specified amount of costs and expenses

(a)  

The amount of production, after deducting cost oil production allocated to costs and expenses, that will be divided between the participating parties and the host government under the production sharing contract

(a)  

The amount of acreage, determined by governmental authority that can be efficiently and economically drained by a well at a particular depth or horizon

(a)  

To convey whatever interests a grantor has at the time this particular instrument is executed

(a)  

A legal instrument of conveyance that is usually used in title curative work to allow an owner or claimant to quit or give up their claim to a title

(a)  

An organization appointed by the government or industry to establish standards and ensure their compliance

(a)  

The return of part or all of a lease or concession to a lessor, farmor or host government

(a)  

The right that other parties to a lease, well, unit and/or concession have to acquire the interest that a selling party owns prior to selling to any third party

(a)  

A percentage share of production, or the value derived from production, paid from a producing well

(a)  

Ownership of a percentage of production or production revenues, produced from leased acreage

(a)  

The term of an oil and gas lease in which the lease is held in force after expiration of the primary term

(a)  

The separation of mineral and/or royalty interest from fee-simple title

(a)  

A payment stipulated in the oil and gas lease, which royalty owners receive in lieu of actual production, when a gas well is shut-in due to lack of a suitable market, a lack of facilities to produce the product, or other cases defined within the shut-in provisions contained in the oil and gas lease

(a)  

An area allotted to a well by regulations or field rules issued by a governmental authority having jurisdiction for the drilling and production of a well

(a)  

Ownership of the right or interest to exploit the surface of the land

(a)  

An agreement between a host country and operator to allow the operator to evaluate geological, geophysical, engineering and transportation issues involving a concession

(a)  

An oil and gas lease that expires after a specified period of time, regardless of whether oil, gas and/or other minerals are being produced

(a)  

An oil and gas lease wherein the bonus consideration is paid at the signing of the lease

(a)  

The combining of multiple wells to produce from a specified reservoir

(a)  

A method to convey or reserve oil, gas, or mineral rights in a defined portion of land such as the Northwest Quarter of a tract

(a)  

A percentage of ownership in an oil and gas lease granting its owner the right to explore, drill and produce oil and gas from a tract of property

(a)