1. vt. [Geology]

The act of acquiring acreage for exploration or production activity.

See: licensing round

2. n. [Geology]

An area of surface land on which exploration or production activity occurs.

3. n. [Geology]

The contract that conveys the rights to explore and produce from the owner of the mineral rights (lessor) to a tenant (lessee), usually for a fee and with a specified duration. A lease usually includes a provision for sharing production.

See: licensing round