-U-
Undivided Interest – A fractional interest in minerals that, when conveyed, gives the new owner that fractional interest in the described tract. 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.
Unitization – The combining of leased tracts on a field-wide or reservoir-wide scale so that many tracts may be treated as one to facilitate operation like secondary recovery.
-V-
Vara – Spanish unit of measure equaling 33 1/3 inches.
Vendee — Purchaser of property. Vendor - Seller of property.
Void - Null, having no legal effect. Voidable — Capable of being made void, as in a contract executed by a minor without proper court order. In Texas the Contract is voidable and could be declared void by the minor if he or she so chooses.
-W- Waiver — The relinquishment or surrender of some claim, right, or privilege.
Warrant — To assure by an express covenant that the title is good. In a Warranty Deed, the grantor warrants and forever defends the title.
Warranty Clause – In an oil and gas lease, the clause that assures title to the leased property by an express covenant to that effect.
Warranty Deed – A deed in which the grantor stipulates by express covenant that the title to the property is as it is represented to be and that the grantee's possession shall be undisturbed.
Will — The instrument by which a person states the manner in which he wants his personal and real property disposed of after his death.
WOL - With other land. An abbreviation used frequently in Chains of Title when land other than subject property of the Chain of Title is mentioned in an instrument.
Undivided Interest – A fractional interest in minerals that, when conveyed, gives the new owner that fractional interest in the described tract. 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.
Unitization – The combining of leased tracts on a field-wide or reservoir-wide scale so that many tracts may be treated as one to facilitate operation like secondary recovery.
-V-
Vara – Spanish unit of measure equaling 33 1/3 inches.
Vendee — Purchaser of property. Vendor - Seller of property.
Void - Null, having no legal effect. Voidable — Capable of being made void, as in a contract executed by a minor without proper court order. In Texas the Contract is voidable and could be declared void by the minor if he or she so chooses.
-W- Waiver — The relinquishment or surrender of some claim, right, or privilege.
Warrant — To assure by an express covenant that the title is good. In a Warranty Deed, the grantor warrants and forever defends the title.
Warranty Clause – In an oil and gas lease, the clause that assures title to the leased property by an express covenant to that effect.
Warranty Deed – A deed in which the grantor stipulates by express covenant that the title to the property is as it is represented to be and that the grantee's possession shall be undisturbed.
Will — The instrument by which a person states the manner in which he wants his personal and real property disposed of after his death.
WOL - With other land. An abbreviation used frequently in Chains of Title when land other than subject property of the Chain of Title is mentioned in an instrument.
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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.
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U - Z Glossary
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