Section 403 – Mineral leases — Director to establish forms, term, rental, and royalty.
53C-2-403. Mineral leases — Director to establish forms, term, rental, and royalty. The director shall establish the: (1) form of a mineral lease application; (2) form of the lease; (3) term of the lease; (4) annual rental; (5) amount of royalty in addition to or in lieu of rental; and (6) basis upon which the […]
Section 404 – Applicants for mineral leases — Qualifications.
53C-2-404. Applicants for mineral leases — Qualifications. Applicants for mineral leases must, throughout the application period and throughout the duration of the lease, be in full compliance with all of the laws of the state as to qualification to do business within the state and must not be in default under those laws or the […]
Section 405 – Mineral leases — Multiple leases on same land — Lease terms.
53C-2-405. Mineral leases — Multiple leases on same land — Lease terms. (1) (a) Mineral leases, including oil, gas, and hydrocarbon leases, may be issued for prospecting, exploring, developing, and producing minerals described by rule as available for lease on any portion of trust lands or the reserved mineral interests of the trust. (b) (i) […]