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oil and gas lease

noun
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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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“Oil and gas lease.” The Merriam-Webster.com Dictionary, Merriam-Webster Inc., https://www.merriam-webster.com/dictionary/oil%20and%20gas%20lease. Accessed 10 December 2019.

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