Assignment: The legal instrument whereby oil and gas leases or overriding royalty interests are assigned or conveyed.

Assignor: The person conveying oil and gas leases or overriding royalty in an assignment.

Assignee: The person to whom oil and gas leases or overriding royalties are assigned or sold to.

Check Stub or Check Detail: The detail information that is sent with a royalty check.

Division Order: A schedule of owners and their decimal share in revenues of the well derived from the sale of oil or gas.

Grantor: A person who grants or conveys lands, minerals, etc.

Grantee: The person receiving lands, minerals, etc...

Land Man: The person who establishes chain of ownership and secures leases .

Landowner: The person who generally owns all or part of the minerals under his land and is entitled to lease the same.

Lease: Another term for oil, gas and mineral lease.

Lessor: The party who grants an oil, gas and mineral lease.

Lessee: The purchaser of an oil, gas and mineral lease.

Mineral Rights: The ownership of the minerals and/or hydrocarbons under a given surface, and the right to enter thereon to drill, and remove them.

Mineral Deed  
Transfers ownership of the royalty interest including the right to execute leases and receive bonus payments.

Quit Claim Deed 
Also called quitclaim deed, quickclaim deed and quick claim deed. Transfers any mineral, royalty or overriding royalty owned with no warranty of title.

Royalty Deed  
Transfers ownership of the royalty interest only and not the right to execute leases and receive bonus payments.

Affidavit of Heirship  
A statement of facts relating to the death and heirship of the decedent which is sworn to before a notary public. Usually executed by someone who knew the decedent but is not an heir to the estate.

Certified Copy  
A copy of a document that is signed and certified as a true copy by the officer to whose custody the original is entrusted.

Probate  
The legal process in which a court oversees the distribution of property left in a will. The procedure whereby a will is admitted into record in the clerk's office, including the process of qualifying a person as an executor of an estate, and the process of administering an estate.

Will  
An individual's written declaration of property disposal after death.

Abbreviations

  • BOPD: Barrels of Oil Per Day 
  • BOPM: Barrels of Oil Per Month 
  • BWPD: Barrels of Water Per Day
  • DO: Division Order
  • DR: Delay Rental 
  • GWI: Gross Working Interest 
  • JOA: Joint Operating Agreement
  • MCFPD: Thousands of Cubic Feet of Gas Per Day 
  • MI: Mineral Interest 
  • NRI: Net Revenue Interest 
  • NWI: Net Working Interest  
  • OGML: Oil, Gas and Mineral Lease 
  • ORRI: Overriding Royalty Interest 
  • RI: Royalty Interest 
  • SI: Shut In 
  • SWDW: Salt Water Disposal Well 
  • WI: Working Interest