Lease term
The defined period during which a mineral lease is valid absent production, after which it expires and the acreage becomes available again.
Federal oil and gas leases typically carry a ten-year primary term. Expiration dates are public, which makes them the schedule on which acreage becomes competitively available.
For anyone assembling a position, expiring leases are the most predictable source of opportunity in an otherwise locked-up area.
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More in Minerals & land tenure
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