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 Utah, an oil, gas, and mineral lease is a contract where the landowner (lessor) grants rights to a lessee (often an exploration and production company) to explore and potentially extract subsurface resources like oil and gas. These leases are complex and can have significant implications for land use and value. Landowners are advised to seek guidance from an attorney with experience in oil and gas law before entering into such agreements. While these leases may offer financial benefits, they do not guarantee drilling will occur, and they can affect the land's value and limit its use for other purposes. Additionally, once a lease is signed, it may prevent the landowner from entering into agreements with other parties interested in the property's subsurface assets. Utah's regulatory framework for oil, gas, and mineral leasing will also include specific provisions related to the rights and obligations of both lessors and lessees, which must be carefully considered in the context of any lease agreement.