This work covers the substantive law of oil and gas and federal income taxation of oil and gas transactions. The first three chapters examine interests and transactions in the mineral estate. The fourth chapter covers surface and subsurface issues. Chapters five through eight examine in detail the oil and gas lease. Chapter nine addresses the issue of transfers by the lessor and the lessee. Chapters 10 through 12 are devoted to oil and gas taxation. Students will see that this work gives them quick access to the law of oil and gas and the law of oil and gas taxation.

Nature and Protection of Oil and Gas Rights; The Formation and Production of Oil and Gas; Ownership of Oil and Gas Rights; Kinds of Oil and Gas Interests; Protection of Oil and Gas Rights; Conveying Oil and Gas Rights; Creation and Transfer of Oil and Gas Interests; Joint Ownership of Oil and Gas Rights; Interpretive Problems in Oil and Gas Conveyancing; Oil and Gas Leasing; Essential Clauses of Modern Oil and Gas Leases; Oil and Gas Lease Savings Clauses; Lease Royalty, Clause; Implied Covenants in Oil and Gas Leases; Lease Transfers; Tax and Business Matters; Oil and Gas Contracts.