New Mexico Statutes 19-10-7. Exploratory form of lease; different term of years
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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.
Terms Used In New Mexico Statutes 19-10-7
- 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
B. Any deviations from the lease form set forth in Section 19-10-4.1 N.M. Stat. Ann. pursuant to Subsection A of this section shall be specified in the notice of the lease sale as required under Section 19-10-17 N.M. Stat. Ann..