An oil and gas lease is an agreement between a mineral owner (lessor) and an oil and gas operator (lessee) granting the exclusive right to develop their oil and gas. In return for leasing their oil and gas rights the lessor receives a lease bonus payment, which covers the primary term of the lease. If at any time during the primary term a well or wells are drilled and are producing or capable of producing oil or gas, the lease is considered to be held by production or HBP’d. Once the lease is producing the lessor earns a royalty.
If you have questions about leasing or are interested in leasing your oil and gas to Northeast Natural Energy you can email us at email@example.com or call 304-414-7086. If you have questions about an existing lease you can email us at firstname.lastname@example.org.