2011 New Mexico Statutes
Chapter 19: Public Lands
Article 10: Lease of Oil and Gas Lands, 19-10-1 through 19-10-70
Section 19-10-7: Exploratory form of lease; different term of years.
19-10-7. Exploratory form of lease; different term of years.
A. When issuing an oil and gas lease on the exploratory lease form, if the conditions of the tract subject to the lease are such that a different term of years for the lease is warranted, the commissioner in his discretion may issue the lease for a primary term of five years with no secondary term.
B. Any deviations from the lease form set forth in Section 19-10-4.1 NMSA 1978 pursuant to Subsection A of this section shall be specified in the notice of the lease sale as required under Section 19-10-17 NMSA 1978.
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