Oil and Gas Law I

Question 1

Granting Clause

Answer 1

Describes the rights of the lessee and what property is subject to the lease

Question 2

Pooling Clause

Answer 2

Establishes the rights of the Lessee to combine leases and create a single production unit

Question 3

Delay Rental

Answer 3

Gives the Lessee the option to pay a premium to delay production.