South Dakota Codified Laws 5-7-43. Royalty increments for commingled lands assigned oil and gas royalty incrementstatus
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The royalty increments of an oil and gas lease for lands assigned royalty increment status may not be altered due to the shut–in of a well. If the mineral lands assigned oil and gas royalty increment status are pooled, unitized, or otherwise commingled with production from other areas, the royalty increment status assignment shall automatically expire and the royalty on the involved state minerals shall automatically increase to a minimum of one–eighth of the oil and gas produced, saved, and marketed from the leased lands, as established by the commissioner.
Terms Used In South Dakota Codified Laws 5-7-43
- 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
Source: SL 1992, ch 43, § 3.