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What is a ratification of oil lease?

To ratify a lease means that the landowner and oil gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.

What is an oil and gas lease bonus?

A one-time payment to a lessor as consideration for signing a paid-up oil gas lease. The bonus is generally not written in the lease. It is normally paid on a per net mineral acre basis and should be paid in a simultaneous exchange of the signed lease.

What is a lease bonus?

Lease bonus means the initial cash payment made to a lessor by a lessee in consideration for the execution and conveyance of the lease, and includes proceeds from assignments of leasehold interests where the Partnership retains an interest.

What is mineral leasing?

A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.