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Definitions (123)
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bottom-hole agreement
A contract in which the contributing party agrees to make a cash contribution to the drilling party in exchange for geological or drilling information, if the receiving party drills to an agreed dep [..]
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acreage-contribution agreement
A support agreement by which the contributing party agrees to contribute leases or interests in leases in the area of a test well to a drilling party in exchange for information, if the drilling par [..]
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after-acquired title clause
An oil and gas lease clause that extends the coverage of the lease to any interest in the described property acquired after the lease. A common formulation is “This lease covers all the interest no [..]
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apportionment rule
The rule followed in a minority of states that royalties accruing under a lease on property that is subdivided after the lease grant are shared by the owners of the property proportionately to their [..]
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area-rate clause
An indefinite price escalation clause found in some long-term gas contracts that provides for an increase of the contract price if any regulatory agency permits or prescribes a higher price for gas [..]
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bonus
A payment to induce a lessor to execute a lease.
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capture-and-hold rule
The conventional analysis that production occurs for royalty-calculation purposes when oil or gas is captured and held at the wellhead or on the lease. The cost of transporting, compressing, and p [..]
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