1. n. [Oil and Gas Business]

Ownership of the right to exploit, mine or produce all minerals lying beneath the surface of a property. In this case, minerals include all hydrocarbons. Mineral interests include

• the right to use as much of the surface as is reasonably necessary to access the minerals
• the right to execute any conveyances of mineral rights
• the right to receive bonus consideration
• the right to receive delay rentals
• the right to receive royalty.

Any or all of the above five rights of mineral ownership may be conveyed by the mineral owner.

See related terms: bonus consideration,  delay rental,  royalty