Oil and Gas Law studies the nature of mineral ownership in the United States; looks in detail at the oil and gas lease, the basic instrument governing development and production in the American petroleum industry; surveys the various property interests that can be created out of the mineral or leasehold estate; and explores the use of state regulations to protect public interests in the production of oil and gas. From the perspective of jurisprudence, the course offers an interesting opportunity to examine how courts and legislatures have adapted basic principles in property, contract and tort law to resolve unique issues that arise in specialized contexts.
More specifically, the course will examine the rights and incidents of mineral ownership; the resolution of conflicts between mineral and surface owners over the use of the property; the meaning of express provisions in the oil and gas lease, including the drilling clause, the royalty clause, the pooling clause, and others; the courts’ construction of implied covenants in the lease to protect the interests of the mineral owner; the transfer of the various types of mineral and leasehold interests and the special rules that have been designed by the courts to assure uniform interpretation of these conveyances; the combination of separate properties into pools or units for joint operations; and state conservation regulations designed to assure the safe, fair and efficient development of oil and gas resources.
A New Mexico Supplement prepared for the course will provide coverage of major decisions and statutes affecting oil and gas interests in this state.