Part of a series of classroom aids designed for real estate instructors, this instructional packet was developed to help real estate students understand the more common provisions and the legal significance of an oil and gas lease, as well as some provisions landowners may wish to insert for personal benefit and protection. Following an evaluation form for the packet, a summary instructor's presentation on oil and gas leases is provided. This presentation includes information on: (1) the granting clause, which outlines the purpose of the lease and the substances that can be explored and produced; (2) limits and rights regarding surface operations; (3) the duration of the lease; (4) extension of the primary and secondary terms of the lease; (5) the royalty clause, which allocates to the landowner a certain portion of the substances produced; (6) surface damages; (7) "pooling," i.e., consolidating the leased premises with adjoining leased tracts; (8) the assignment clause, which permits both the lessor and the lessee the unrestricted privilege of assigning their rights under the lease; (9) the warranty clause, which binds the landowner to defend interest in, or title to, the leased premises; (10) the lessee's right to free water, oil, and gas; (11) the force majeure clause, which protects the oil companies from liability and loss of the lease whenever causes beyond their control suspend operations; and (12) other clauses for the landowner's consideration. Twenty-one overhead masters keyed to the presentation are provided. (EJV)