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What is a spacing unit in oil and gas?

A spacing unit is a legally described boundary designated by a governmental agency (the Oklahoma Corporation Commission (OCC) in the case of Oklahoma)) as a common source of supply of oil and gas for purposes of dividing fairly, among the various owners, production from a particular well or wells.

How are oil and gas royalties calculated?

You may have noticed on your check stubs an owner interest or net revenue interest or a decimal interest. The operator will then multiply your interest by the quantity of oil and gas produced and the current price to determine your oil and gas royalty payments.

What is a ratification of oil and gas 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 does take in kind mean in oil and gas?

A landowner can also insert a clause in the lease to take royalty either in kind or in value. Taking royalty in kind means that the Lessor can take physical possession of the oil, gas or liquids once they leave the ground, and he may market the production himself.

What is an oilfield lease?

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.

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