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In 1904, Alexander Massey, owner of Spurlock Petroleum Company, hired Tom Slick, who already had acquired a reputation as a good "lease man" to assist him in buying up oil leases. Massey already had a string of successes drilling in Kansas, finding either oil or gas in 25 consecutive wildcat wells.
The foundational legal document of the U.S. oil and gas industry is the oil and gas lease. [6] Oil and gas producing companies do not always own the land they drill on. Often, the company (the lessee) leases the mineral rights from the owner (the lessor). Major points in a lease include the description of the property, the term (duration), and ...
In the oil and gas industry, a farmout agreement is an agreement entered into by the owner of one or more mineral leases, called the "farmor", and another company who wishes to obtain a percentage of ownership of that lease or leases in exchange for providing services, called the "farmee." The typical service described in farmout agreements is ...
The Mineral Leasing Act of 1920 30 U.S.C. § 181 et seq. is a United States federal law that authorizes and governs leasing of public lands for developing deposits of coal, petroleum, natural gas and other hydrocarbons, in addition to phosphates, sodium, sulfur, and potassium in the United States.
The Biden administration said Friday it will restrict new oil and gas leasing on 13 million acres (5.3 million hectares) of a federal petroleum reserve in Alaska to help protect wildlife such as ...
To bring oil and gas reserves to market, minerals are conveyed for a specified time to oil companies through a legally binding contract known as a lease. This arrangement between individual mineral owners and oil companies began prior to 1900 [ clarification needed ] and still thrives today.
Most oil and gas commissions make API numbers (and well header data) available on-line and free of charge. The ability to download the data varies from state to state. Below is a list of the 50 states, along with their state code, and the name and internet address of their oil and gas regulatory agency where available.
The Kanotex Refining Company (reporting mark: KOTX), a regional oil refinery and gasoline distributor, began operation in Caney, Kansas, in 1909, [1] a successor to the Superior Refining Company. The company's logo was a Kansas sunflower behind a five-point star; [ 2 ] the Kan-O-Tex name referred to Kansas , Oklahoma and Texas as the states in ...