Working Interest. An ownership interest under a lease, or otherwise, covering a specific tract or tracts of land, the owner of which interest has the right to explore for oil, gas, and other minerals on or under such land and has the obligation to pay the cost of exploration, drilling, and operating the property or a part thereof. A Working Interest created by the execution of an oil and gas lease must bear all costs of operations and development of that lease, unlike a Person who owns a royalty interest or an overriding royalty interest.
Appears in 3 contracts
Sources: Agreement of Limited Partnership (White River Energy Corp.), Limited Partnership Agreement (White River Energy Corp.), Agreement of Limited Partnership (White River Energy Corp.)