LandmanLookingForWork.com
Landman: A self-employed individual or company employee who secures oil and gas leases, checks legal titles, and attempts to cure title defects so that drilling can begin. Landmen are a crucial, integral, and vital part of the energy industry. Landmen work for oil companies in Texas, New Mexico, Oklahoma, Lousiana, Kansas, Arkansas, Virgina, North Carolina, South Carolina, and New York. Several universities have added professional land management as a major.
[ Your Text Here ]
Glossary
K - O
K - O
Search here for Landman Jobs>>>>>>>>
-L-
Land Contract (Purchase Contract) — A contract for the purchase of land where the deed is delivered only after the payment for the land, usually in installments, has been made.
Land Grant — The donation of land from a governmental body to a company, especially a railroad, or individual. Land Patent — See "Patent."
Land Warrant — A warrant issued by the Federal Government to purchasers of public land.
Lease — An instrument by which a leasehold or working interest is created in minerals.
Leasehold – The estate in real property created by a lease.
Leasehold Interest (Working Interest) - The interest in the minerals of the Lessee or holder of the Lease. It is normally the interest which must bear all of the cost of drilling a well.
Legal Description - Description of property sufficiently detailed for an independent surveyor to locate it.
Lessee - The party acquiring the Lease; the party entitled to drill under terms of the Lease.
Lessor — The owner of the minerals who is granting the Lease.
Lien - An encumbrance upon property usually for payment of some debt or obligation.
Life Estate - An estate of varying degrees in land limited to the life of the principal.
Lis Pendens – Notice that a suit has been filed in a court of law and that the property described may be subject to judgment.
Location – Well site.
LPR – Lease Purchase Report.
-M- Mechanic's Lien - A lien against property which is awarded to a person who performs certain work or provides certain material for work on a tract of land.
Meridian — See "Principal Meridian."
Metes and Bounds - Measurements and boundaries; a method of land identification which describes the outer boundaries of a tract of land.
Mineral Acre – The full mineral interest and right in one acre of land.
Mineral Deed – The legal instrument that conveys minerals in place together with the rights to search for and produce said minerals.
Mineral Estate – Rights and interests in the minerals found on or beneath the surface of the land, created when the owner severs or separates his interests in the property. Mineral Interest – Owning a fractional interest (or 100%) in the oil and gas in place under a tract of land, as apposed to a royalty interest which only is owned in the oil and gas when it is produced.
Minimum Royalty – A royalty payment amount to be made regardless of the rate of production.
Mortgage - A pledge of a certain property, usually written in the form of a conveyance, for the payment of a debt or obligation.
Mortgagee - The person or entity taking or accepting the mortgage as a pledge.
Mortgagor - The person or entity who pledges property. (The borrower).
Mother Hubbard Clause — A clause which is intended to include in the Lease all adjacent lands omitted as a result of poor descriptions or other inadvertent omissions.
Muniment of Title – If estate is only real property (includes oil and gas) it can be processed as Muniment of Title – ownership vests immediately in the named beneficiaries.
-N- Net Revenue Interest — ( abbr. NRI) Normally used to describe the Lessee's share of production after payment of all Lessor's royalties, overriding royalties and other non-participating interests.
Net Mineral Acres – An expression of the fractional interest in a tract of land expressed as acres rather than a percentage. For example, a ¼ undivided interest in an 80 acre tract amounts to a ¼ interest in the entire 80 acres or 20 net mineral acres.
Net Working Interest – The share of production remaining to the working interest owners after all royalties, overriding royalties, production payments, and other reservations or assignments have been deducted.
NCM - Non Compos Mentis - A mentally deranged person as decided by the courts.
Nominal Consideration — A payment that has no relation to the real value of the property.
Non-Participating Royalty Owner – A person who owns a severed portion of a royalty interest, but who does not execute leases, participate in bonuses or rentals, or have rights of exploration and production.
NRI - Net Revenue Interest.
-O-
OCS - Outer Continental Shelf.
Oil Payment – A non-operating interest in oil and gas from one or more leases, providing to its owner a fractional share of the oil and gas produced, free of the costs of production, ending when a specified dollar amount or volume of production has been realized.
OPEC — Organization of Petroleum Exporting Countries.
Over-convey – To convey (intentionally or accidentally) a larger fraction of interest in property than the owner actually owns.
Overriding Royalty - An interest in production of a well free of any costs and in addition to the mineral owner's interest. -P-
Land Grant — The donation of land from a governmental body to a company, especially a railroad, or individual. Land Patent — See "Patent."
Land Warrant — A warrant issued by the Federal Government to purchasers of public land.
Lease — An instrument by which a leasehold or working interest is created in minerals.
Leasehold – The estate in real property created by a lease.
Leasehold Interest (Working Interest) - The interest in the minerals of the Lessee or holder of the Lease. It is normally the interest which must bear all of the cost of drilling a well.
Legal Description - Description of property sufficiently detailed for an independent surveyor to locate it.
Lessee - The party acquiring the Lease; the party entitled to drill under terms of the Lease.
Lessor — The owner of the minerals who is granting the Lease.
Lien - An encumbrance upon property usually for payment of some debt or obligation.
Life Estate - An estate of varying degrees in land limited to the life of the principal.
Lis Pendens – Notice that a suit has been filed in a court of law and that the property described may be subject to judgment.
Location – Well site.
LPR – Lease Purchase Report.
-M- Mechanic's Lien - A lien against property which is awarded to a person who performs certain work or provides certain material for work on a tract of land.
Meridian — See "Principal Meridian."
Metes and Bounds - Measurements and boundaries; a method of land identification which describes the outer boundaries of a tract of land.
Mineral Acre – The full mineral interest and right in one acre of land.
Mineral Deed – The legal instrument that conveys minerals in place together with the rights to search for and produce said minerals.
Mineral Estate – Rights and interests in the minerals found on or beneath the surface of the land, created when the owner severs or separates his interests in the property. Mineral Interest – Owning a fractional interest (or 100%) in the oil and gas in place under a tract of land, as apposed to a royalty interest which only is owned in the oil and gas when it is produced.
Minimum Royalty – A royalty payment amount to be made regardless of the rate of production.
Mortgage - A pledge of a certain property, usually written in the form of a conveyance, for the payment of a debt or obligation.
Mortgagee - The person or entity taking or accepting the mortgage as a pledge.
Mortgagor - The person or entity who pledges property. (The borrower).
Mother Hubbard Clause — A clause which is intended to include in the Lease all adjacent lands omitted as a result of poor descriptions or other inadvertent omissions.
Muniment of Title – If estate is only real property (includes oil and gas) it can be processed as Muniment of Title – ownership vests immediately in the named beneficiaries.
-N- Net Revenue Interest — ( abbr. NRI) Normally used to describe the Lessee's share of production after payment of all Lessor's royalties, overriding royalties and other non-participating interests.
Net Mineral Acres – An expression of the fractional interest in a tract of land expressed as acres rather than a percentage. For example, a ¼ undivided interest in an 80 acre tract amounts to a ¼ interest in the entire 80 acres or 20 net mineral acres.
Net Working Interest – The share of production remaining to the working interest owners after all royalties, overriding royalties, production payments, and other reservations or assignments have been deducted.
NCM - Non Compos Mentis - A mentally deranged person as decided by the courts.
Nominal Consideration — A payment that has no relation to the real value of the property.
Non-Participating Royalty Owner – A person who owns a severed portion of a royalty interest, but who does not execute leases, participate in bonuses or rentals, or have rights of exploration and production.
NRI - Net Revenue Interest.
-O-
OCS - Outer Continental Shelf.
Oil Payment – A non-operating interest in oil and gas from one or more leases, providing to its owner a fractional share of the oil and gas produced, free of the costs of production, ending when a specified dollar amount or volume of production has been realized.
OPEC — Organization of Petroleum Exporting Countries.
Over-convey – To convey (intentionally or accidentally) a larger fraction of interest in property than the owner actually owns.
Overriding Royalty - An interest in production of a well free of any costs and in addition to the mineral owner's interest. -P-