Indiana Statutes
§ 14-38-1-12 — Other leases for petroleum extraction
(a)A petroleum lease other than a lease
provided for in section 11 of this chapter may be granted in parcels as
determined by the commission.
(b)A lease granted under this section must be at a royalty of:
(1)not less than twelve and one-half percent (12 1/2%) of all
petroleum produced and saved from the land covered by the lease;
or
(2)the market value of the petroleum;
at the option of the commission.
(c)A lease must provide for an annual rental, payable in advance,
of from one dollar ($1) to ten dollars ($10) per acre, as the commission
determines. Rentals shall be credited against future royalties.
(d)A lease must be for a primary term of ten (10) years.
(e)The forms and terms of a lease must be the same as the standard
commercial petroleum lease generally in use in the territory
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Legislative History
As added by P.L.1-1995, SEC.31.
Nearby Sections
15
§ 14-10-1-1
Establishment and members of commission§ 14-10-1-2
Filling of vacancies of ex officio members§ 14-10-1-3
Citizen members§ 14-10-1-4
Per diem compensation and traveling expenses§ 14-10-1-5
Officers§ 14-10-1-6
Quorum§ 14-10-1-7
Meetings§ 14-10-2-1
Powers of commission§ 14-10-2-2
Repealed§ 14-10-2-2.5
Consolidated proceedings§ 14-10-2-3
Repealed§ 14-10-2-4
Adoption of rules§ 14-10-2-5
Rules§ 14-10-2-6
Notices of violation