Which type of lease allows the tenant to extract oil and gas from a specific property?

The correct choice is the oil and gas lease, which specifically grants the tenant or lessee the right to explore for and extract oil and gas from a designated piece of property. This type of lease is tailored to address the unique aspects of the energy sector, including the rights to access the land, drill, and produce minerals. In an oil and gas lease, the terms will typically specify the duration of the lease, the royalties payable to the landowner, and the responsibilities of the lessee regarding land use and environmental considerations.

Understanding the nature of leases is crucial in this context. While a land installment contract involves purchasing property through periodic payments and a leasehold typically refers to the rental of property without granting mineral rights, these do not cover the extraction rights relevant to oil and gas, thus distinguishing them from the oil and gas lease. Marketable title refers to the legal concept ensuring that a property title is free from defects that would impair its transferability but is unrelated to the leasing or extraction of resources. This clear distinction underscores why the oil and gas lease is the correct answer.