Ownership
Ownership of real property by two or more people who each own an undivided interest in the entire property
What is Tenancy in Common
Type of deed with which the grantor warrants title to the property being conveyed.
What is Warranty Deed
An Order that provides a means of forcing interest owners in a spacing unit to come to a decision as to how the unit should be developed. This includes lease holders, mineral owners, and working interest owners.
What is Pooling Order
A provision that severs the Oil and Gas lease as to certain depths defined within.
What is Depth Clause
An expense bearing interest in the minerals in, on and under a given tract of land owned by a person other than the surface owner
What is Participating Mineral Interest
Ownership between two or more people, where upon death of one of them passes to the survivor(s) outside of any will.
What is Joint Tenancy
Type of deed that conveys only the specific interest the grantor currently has. Further, it provides no guarantees or warranties regarding the title.
The legal decree issued by the Oklahoma Corporation Commission (OCC) that defines the size, boundaries, and specific rules for drilling oil and gas wells within a designated geographical area.
What is Spacing Order
A provision that severs the Oil and Gas lease as to lands outside of a Spacing Unit.
What is Pugh Clause
The operating interest under an oil and gas lease. The interest has the exclusive right to exploit the minerals on the land.
What is Working Interest
Ownership where an individual has the legal right to possess, use, and live in a property for the duration of their natural lifetime.
What is Life Tenancy
The following description is this shape:
South 1000 feet; East 750 feet; North 1000 feet; West 750 feet
What is a rectangle
Term used to describe a lease that is within its secondary term because of a producing well within the Spacing Unit.
What is Held by Production
Clauses within an Oil and Gas Lease that outline certain terms agreed to between the parties
What are Oil and Gas Lease Provisions
A fractional interest in gross production of oil and gas carved out of the lessee's share of the oil and gas, which is free and clear of all expenses for exploration, drilling, development, etc.
What is Overriding Royalty Interest
Ownership where a person inherits or gains full ownership of a property or asset after a prior interest—such as a life estate —ends
What is Remainderman
Two or more parties owning fractional interest in a tract.
What is Undivided Interest
True or False: A Spacing Order has a defined timeframe in which operations / production must start in order to remain valid and active.
What is False
The Net Revenue Interest of a lease with an 1/8th royalty would be split in these percentages to these interest types.
What is 12.5% (RI) and 87.5% (WI)
Owner of the property in its entirety - surface, minerals, water, gravel, dirt, etc.
What is Fee Simple
Ownership where an individual or entity is designated to receive ownership of an asset automatically upon the death of the current owner. This party has no right to title until the death of the current owner.
What is Grantee Beneficiary
A deed that conveys all of the "oil and gas produced and saved" is typically a conveyance of this type of interest
What is Royalty Interest
The party that captures the pooled interest under a Pooling Order.
Who is the Applicant
This party(s) is required to sign the Oil and Gas Lease
Who is the Lessor
An expense free interest in oil and gas, as, if and when produced. The interest does not share in bonus or rental nor in the right to execute leases.
What is Non Participating Royalty Interest