Business Glossary

privilege of gaining income from the sale of oil, gas, and other valuable resources found on or below land. Mineral rights can be sold or leased separately from the land ownership.

the privilege of gaining income from the sale of oil, gas, and other valuable resources found on land.

Example: Abel purchases a property that contains underground oil deposits. Abel may:

• develop these mineral rights by drilling a well
• sell the rights for a price to an oil company
• lease the rights to an oil company in exchange for a royalty