US Laws, Codes, Statutes & Cases

§ 5120.12. Lease of real estate for oil and gas.
 

The director of rehabilitation and correction may lease, for oil and gas, any real estate owned by the state and placed under the supervision of the department of rehabilitation and correction, to any person, upon such terms and for such number of years, not more than forty, as will be for the best interest of the state. No such lease shall be agreed upon or entered into before the proposal to lease the property has been advertised once each week for four weeks in a newspaper of general circulation in the city where the central office of the department is located. Such lease shall be made with the person offering the best terms to the state. 
 

The director, in such lease, may grant to such lessee the right to use so much of the surface of such land as may be reasonably necessary to carry on the work of prospecting for, extracting, piping, storing, and removing all oil or gas, and for depositing waste material and maintaining such buildings and constructions as are reasonably necessary for exploring or prospecting for such oil and gas. 
 

All leases made under this section shall be prepared by the attorney general and approved by the governor. All moneys received from any such leases shall be paid into the state treasury to the credit of the general revenue fund. 
 

HISTORY: 134 v H 494 (Eff 7-12-72); 141 v S 312 (Eff 9-24-86); 146 v H 60. Eff 3-4-98.