Definitions for "Mineral lease"
An agreement wherein a mineral interest owner (lessor) conveys to another party (lessee) the rights to explore for, develop, and produce specified minerals. The lessee acquires a working interest and the lessor retains a non-operating interest in the property, referred to as the royalty interest, each in proportions agreed upon.
a contractual agreement between the owner of a mineral tract (the lessor) who grants the right to develop deposits of the mineral to a producer (the lessee)
lease authorizing exploration and production of oil and gas.