Home > Terms > English, UK (UE) > Lease buyer

Lease buyer

A professional who contacts landowners and representatives of other oil or coal producing firms to negotiate agreements, such as leases, options, and royalty contracts covering oil or coal exploration, drilling, and producing activities in specified oil or coal fields. Responsibilities include:

  • Discusses and draws up unitization agreements (pooling oil and gas production from wells located in same field with other oil producers).
  • Discusses land leases and options and royalty payments with landowners and obtains signatures to documents.
  • Applies knowledge of company policies and local, state, and federal laws relating to petroleum or coal leases to prepare agreements.
  • May examine abstracts to verify clearance of title to oil or coal properties and write purchase orders and bank cheques to satisfy requirements of leases, agreements, and contracts (title clerk).
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