1. n. [Oil and Gas Business]

The period of time during which an oil and gas lease will be in effect, in the absence of production, drilling or other operations specified by the lease. The oil and gas lease can be perpetuated past the primary term by production in paying quantities, drilling, operations and/or the payment of shut-in royalties specified by the lease.

See related terms: delay rental,  oil and gas lease,  secondary term,  shut-in royalty