Definition - What does Leaseman mean?
A Leaseman, also known as a landman is an individual, a group of people or a business entity that leases land and obtains oil-drilling rights for its use. They negotiate and acquire all types of royalty interests, overriding interests, mineral interests, and surface rights from the oil and gas royalty owners. They are also tasked with the duty of analyzing producing wells on a lease.
Petropedia explains Leaseman
Leaseman organizations are commonly recognized as minerals and royalty acquisition organizations. The following includes some of the work performed by a leaseman:
- Researching royalty interest owners, as well as owners who have overriding ownerships.
- Looking for new permits to drill, active permits, approved wells, etc.
- Negotiating by offering them a lump sum dollar payment for transfer of their royalty ownerships to them.
- Preparing conveyance deeds and transfer of ownership documents and filling with the operator in action on a particular lease on which they bought mineral interests as well as submit transfer copies to the state county board for future monthly transfers to their name.
- Gathering small and large mineral interests, packaging them and trying to sell them further to large business investment houses such as banking institutions, universities, etc.