Drilling Rights is the approval and permission granted by appropriate state agencies to owners of mineral rights the right to exploit, mine, and produce the minerals within the concession. Drilling rights may be on a concession leased from a mineral rights owner, for example, oil and gas producing companies do not most often own the land they drill on. In business valuation, drilling rights fall under intangible assets because they can be identified and the potential economic benefits measured separately from tangible assets. Intangible assets are a class of assets without physical form (such as a building) yet can generate economic benefits to the owners. Business valuators apply techniques under the market, asset and income valuation methods to estimate the fair market value of drilling rights.