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Simple English definitions for legal terms

term interest

Read a random definition: edictal interdict

A quick definition of term interest:

Term interest: In the oil and gas industry, a term interest refers to a type of mineral or royalty interest that is not permanent. This means that it has an expiration date or can be terminated under certain conditions. A term interest can be for a specific period of time, such as 25 years, or it can be defeasible, meaning it lasts for 25 years and continues as long as there is production from the property.

A more thorough explanation:

A term interest in the oil and gas industry refers to a mineral or royalty interest that is not permanent. This means that it has a specific duration or time limit. It can be for a fixed term, such as 25 years, or it can be defeasible, which means it lasts for 25 years and as long as there is production from the premises.

For example, if a landowner grants a 25-year term interest to an oil and gas company, the company has the right to explore and extract oil and gas from the land for 25 years. After that time, the interest expires, and the landowner regains full control of the property.

Another example is if a landowner grants a defeasible term interest to an oil and gas company. The company has the right to explore and extract oil and gas from the land for 25 years, but if there is still production from the premises after that time, the interest continues for as long as there is production.

These examples illustrate how a term interest is a limited right to explore and extract oil and gas from a property. It is not a permanent interest, and it has a specific duration or time limit.

termini habiles | terminus ad quem

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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