oil and gas lease

noun

Definition of oil and gas lease

: a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty

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Cite this Entry

“Oil and gas lease.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/oil%20and%20gas%20lease. Accessed 27 Jun. 2022.

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