New Mexico Statutes 19-10-4. Authorization to lease; lease provisions
In issuing oil and gas leases, the commissioner shall:
Terms Used In New Mexico Statutes 19-10-4
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
A. use the exploratory lease form as set forth in Section 19-10-4.1 N.M. Stat. Ann. for oil and gas leases of tracts classified as nonrestricted lands under Section 19-10-3 N.M. Stat. Ann.;
B. use the discovery lease form as set forth in Section 19-10-4.2 N.M. Stat. Ann. or the exploratory lease form for oil and gas leases of tracts classified as restricted lands and categorized as regular under Section 19-10-3 N.M. Stat. Ann.; and
C. use the development lease form as set forth in Section 19-10-4.3 N.M. Stat. Ann., the discovery lease form or the exploratory lease form for oil and gas leases of tracts classified as restricted lands and categorized as premium under Section 19-10-3 N.M. Stat. Ann.; provided that in using the development lease form for a tract receiving less than ninety total percentage points under Section 19-10-3 N.M. Stat. Ann., the royalty rate shall not exceed three-sixteenths.