1. n. []
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 consideration,
delay rental,
royalty