Section 19-10-7 - Exploratory form of lease; different term of years

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. B. Any deviations from the lease form set forth in Section 19-10-4.1 NMSA 1978 pursuant to Subsection A of this section shall be specified in the notice of the lease sale as required under Section 19-10-17 NMSA 1978. History: 1978 Comp., § 19-10-7, enacted by Laws 1987, ch. 173, § 2. ANNOTATIONSRepeals. — Laws 1985, ch. 195, § 9 repealed former 19-10-7 NMSA 1978, as enacted by Laws 1977, ch. 298, § 2, relating to the applicability of the lease form in 19-10-4 NMSA 1978, effective June 14, 1985.