California Public Resources Code 3316.11 – “Working interest” means an interest held in lands by virtue of fee …
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“Working interest” means an interest held in lands by virtue of fee title, including lands held in trust, a lease, operating agreement or otherwise, under which the owner of such interest has the right to drill for, develop and produce oil and gas. A working interest shall be deemed vested in the owner thereof even though his right to drill or produce may be delegated to an operator under a drilling and operating agreement, unit agreement, or other type of operating agreement.
(Added by Stats. 1958, 1st Ex. Sess., Ch. 73.)
Terms Used In California Public Resources Code 3316.11
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC