Basin
A large structural depression where source and reservoir rocks accumulated over time — like the Permian or Williston Basin — and where oil and gas plays are found.
A basin is a large, bowl-shaped depression in the earth's crust where layers of sediment piled up over millions of years, eventually forming the source rocks and reservoirs that hold oil and gas. The Permian Basin in West Texas and New Mexico and the Williston Basin in North Dakota and Montana are two of the most active in the United States.
A basin is bigger than a play or a formation. One basin typically contains many stacked formations and multiple plays at different depths — which is why a single tract of minerals in the Permian can have value in several intervals at once.
For owners and heirs, the basin is the headline. Minerals in a proven, actively drilled basin command real lease bonuses and offers; minerals in an unproven or worked-out basin may sit idle for years. If you've inherited minerals, identifying the basin is the first step in our inherited mineral rights guide.