Landman	A person in the petroleum industry who negotiates with landowners for oil and gas leases, options, minerals, and royalties and with producers for a joint operations relative to production in a field.
Lease	Another name for Oil, Gas, and Mineral Lease.
Lease Bonus	Usually the cash consideration that is paid by the lessee for the execution of an oil and gas lease by a landowner. It is usually based on a per acre basis.
Lessee	The purchaser of an Oil, Gas and Mineral Lease.
Lessor	The party who grants an Oil, Gas, and Mineral Lease.
Mef	One thousand cubic feet of natural gas measured at standard pressure and temperature conditions (see “cubic foot of gas”).
Mineral Owner	Owner of the rights and interests in a mineral estate (where interests in a landed estate have been severed) along with the right to execute a lease on the same.
MMBtu	One million British thermal units.
MMcf	One million cubic feet.
Mud	Drilling fluid used to lubricate the drill string, the walls of the well, flush cutting to the surface and create enough weight to prevent blowouts.
Natural Gas or Gas	A naturally occurring mixture of hydrocarbon and non- hydrocarbon gases in porous formations beneath the earthÕs surface, often in association with petroleum. The principal constituent is methane.
Net Revenue Interest	An owner's interest in the revenues of a well.
NGL, Natural Gas Liquids	Hydrocarbon liquids extracted from natural gas.
Non-Producing Mineral Owner	An owner of minerals that are not currently being produced and sold.
Oil, Gas, and Mineral Lease	The agreement outlining the basic terms of developing lands or minerals such as royalty to be paid, length of time, description of lands
Oil Well	Any well that produces one barrel or more crude petroleum oil to each 100,000 cubic feet of natural gas.
Operator	A company or individual, acting for himself or as an agent for others who has primary responsibility for maintaining well operations and complying with state rules and regulations.
Operating Expense	The cost of operating a well.
Overriding Royalty	A royalty in excess of the royalty provided in the Oil Lease usually added on during an intervening Assignment.