An Oil and Gas Lease is a legal agreement that grants the right to explore, extract, and produce oil, gas, and sometimes other minerals from the land. The lease outlines terms such as the subsurface and surface rights, duration, extension terms, royalties, surface damages, assignments, and warranties.
Subsurface rights refer to the rights to extract minerals, oil, and gas from beneath a property's surface. Owning these rights can be valuable and is often separated from surface rights in real estate transactions.
