Oil & Gas Glossary 1.0
OIL & GAS TECHNICAL TERMS GLOSSARY
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Search Result for Mineral Rights
mineral rights
The rights of ownership, conveyed by deed, of gas, oil, and other minerals beneath the surface of the earth. In the United States, mineral rights are the property of the surface owner unless disposed of separately.
outer continental shelf
An offshore area in the United States that begins where state ownership of mineral rights ends and ends where international treaties dictate.
hydrolysis
The break down of a mineral by chemical reaction with water.
clay
1. a term used for particles smaller than 1/256 millimeter (4 microns) in size, regardless of mineral composition.
royalty
The portion of oil, gas, and minerals retained by the lessor on execution of a leases or their cash value paid by the lessee to the lessor or to one who has acquired possession of the royalty rights, based on a percentage of the gross production from the property free and clear of all costs except taxes.
montmorillonite
A clay mineral often used as an additive to drilling mud. It is a hydrous aluminum silicate capable of reacting with such substances of magnesium and calcium. See bentonite.
mica
A silicate mineral characterized by sheet cleavage; i.e., it separates in thin sheets. Biotite is ferromagnesian black mica, and muscovite is potassic white mica. Sometimes mica is used as a lost circulation material in drilling.
barite
Barium sulfate; a mineral frequently used to increase the weight or density of drilling mud. Its relative density is 4.2 (or 4.2 times denser than water). See barium sulfate, mud.
sandstone
A sedimentary rock composed of individual mineral grains of rock fragments between 1/16 and 2 millimeters in diameter and cemented together by silica, calcite, iron oxide, and so forth. Sandstone is commonly porous and permeable and therefore a likely type of rock in which to find a petroleum reservoir.
depletion allowance
A reduction in US taxes for owners of an economic interest in minerals in place to compensate for the exhaustion of an irreplaceable capital asset. This economic interest includes mineral interest, working interest in a lease, royalty, overriding royalty, production payment interest, and net profits interest.