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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

  • the right to use as much of the surface as is reasonably necessary to access the minerals
  • the right to execute any conveyances of mineral rights
  • the right to receive bonus consideration
  • the right to receive delay rentals
  • 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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