New Mexico Statutes 19-10-56. Reports and remittance of state royalty; rules and regulations prescribed by commissioner
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Any person obligated to pay royalties pursuant to a producing oil and gas lease issued by the commissioner shall make reports and remittance of state oil and gas royalty through the oil and natural gas administration and revenue database system pursuant to rules and regulations of the commissioner.
Terms Used In New Mexico Statutes 19-10-56
- 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