New Mexico Administrative Code
Title 19 - NATURAL RESOURCES AND WILDLIFE
Chapter 2 - STATE TRUST LANDS PART 24 CULTURAL PROPERTIES PROTECTION
Part 100 - RELATING TO OIL AND GAS LEASES
Section 19.2.100.38 - LEASE CONTINUED BY PRODUCTION IN PAYING QUANTITIES
Universal Citation: 19 NM Admin Code 19.2.100.38
Current through Register Vol. 35, No. 24, December 23, 2024
Except as otherwise provided in a co-operative agreement, production in paying quantities upon any part of the acreage included in any state oil and gas lease continues the lease upon every subdivision thereof (whether the same remains in the original lease or is assigned before or after production is had) subject, however, to the continued payment of rentals at the rate in effect at the time of production, and further subject to the implied covenants of development contained in any such lease.
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