The theory that minerals such as oil and gas cannot be owned in place before they are extracted and reduced to possession. In qualified ownership jurisdictions what the mineral owner owns is the exclu [..]

Wells are frequently abandoned in particular zones within the well bore without abandoning the well itself. Absolute ownership

An addition to a completed lease. Allowable

The transfer of interest, right or title. Assignment clause

Natural gas which, prior to human disturbance of the subsurface pool in which it is found, exists in association with petroleum in a cap of free gas above the petroleum (also known as ‘gas cap gas’). [..]

A common unit for measuring liquid hydrocarbons. One barrel contains about 159 litres. Or, there are approximately 6.29 barrels in one cubic metre. Battery

Also called as structural basin is defined as a large-scale structural formation of rock strata formed by tectonic warping of previously flat lying strata. Structural basins are geological depressions [..]

A layer of sediment or sedimentary rock, or stratum. A bed is the smallest stratigraphic unit, generally a centimeter or more in thickness. To be labeled a bed, the stratum must be distinguishable fro [..]

Naturally-occurring, inflammable organic matter formed from kerogen in the process of petroleum generation that is soluble in carbon bisulfide. Bitumen includes hydrocarbons such as asphalt and minera [..]

The consideration received by the lessor or sub-lessor upon execution of an oil or gas lease. It is a cash payment by the lessee for the lessor having agreed to enter into a lease agreement, usually g [..]