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LSDefine

Simple English definitions for legal terms

term interest

Read a random definition: Topical Index: State Statutes 2

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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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
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hey yall
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im premed idk why im here
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true i love ur user
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thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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