In the context of oil, gas, and minerals, a lease is a legal agreement or contract between a landowner (lessor) and a company or individual (lessee) in which the lessor gives or grants to the lessee the right to explore and develop the land for subsurface (below the surface) oil and gas deposits.

Companies in the oil and gas industry—often referred to as exploration and production or E&P companies—will usually present a landowner with a proposed lease that is stated to be standard or customary. A landowner who is not experienced in negotiating oil and gas leases should consult with an experienced oil and gas lawyer.

It is important to remember that signing a lease agreement does not guarantee a well will be drilled on your property. And granting exploration and production rights to a lessee may be viewed as an encumbrance on your property that might limit or reduce its value for other uses (such as residential or commercial development)—and may prevent you from leasing it to another lessee who will actively seek to explore and produce any subsurface assets (oil, gas).

In Florida, oil, gas, and mineral leases are governed by state statutes and common law. These leases grant lessees the right to explore and potentially extract subsurface resources from a landowner's property. It's crucial for landowners to understand that such leases can significantly impact the value and use of their land. Given the complexity of these agreements and the potential for long-term consequences, landowners are advised to seek counsel from an attorney with experience in oil and gas law before entering into a lease. An attorney can help negotiate terms that protect the landowner's interests, such as specifying drilling commitments, environmental protections, and compensation arrangements. Additionally, landowners should be aware that signing a lease does not ensure that drilling will occur, and the lease could act as an encumbrance on the property, affecting its value and limiting future leasing opportunities.