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mineral interest

1. n. [Oil and Gas Business]

Ownership of the right to exploit, mine or produce all minerals lying beneath the surface of a property. In this case, minerals include all hydrocarbons. Mineral interests include: 1. the right to use as much of the surface as is reasonably necessary to access the minerals, 2. the right to execute any conveyances of mineral rights, 3. the right to receive bonus consideration, 4. the right to receive delay rentals and 5. the right to receive royalty. Any or all of the above five rights of mineral ownership may be conveyed by the mineral owner.

See: bonus considerationdelay rentalroyalty

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