Oilfield Glossary
Oilfield Glossary
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lease

1. vt. [Geology]
The act of acquiring acreage for exploration or production activity.

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2. n. [Geology]
An area of surface land on which exploration or production activity occurs.
3. n. [Geology]
The contract that conveys the rights to explore and produce from the owner of the mineral rights (lessor) to a tenant (lessee), usually for a fee and with a specified duration. A lease usually includes a provision for sharing production.