§ 76-3704 — Oil and gas leases permitted; when

(1) Except as provided in subsection (2) of this section, corporations incorporated under the laws of the United States of America, or under the laws of any state of the United States of America, or any foreign corporation or any nonresident alien, doing business in this state, may acquire, own, hold, or operate leases for oil, gas, or other hydrocarbon substances, for a period as long as ten years and as long thereafter as oil, gas, or other hydrocarbon substances shall or can be produced in commercial quantities.
(2) A restricted entity or an agent, trustee, or fiduciary thereof may not acquire, own, hold, or operate leases for oil, gas, or other hydrocarbon substances pursuant to subsection (1) of this section. A restricted entity, or an agent, trustee, or fiduciary thereof, who violates this section shall be in violation of the Foreign-owned Real Estate National Security Act and subject to divestment as prescribed under section 76-3712 .

Legislative History

Source: Laws 1939, c. 97, § 1, p. 417; C.S.Supp.,1941, § 76-502; R.S.1943, § 76-404; Laws 1955, c. 286, § 1, p. 895; Laws 1982, LB 571, § 1; R.S.1943, (2018), § 76-404; Laws 2024, LB1301, § 7; Laws 2025, LB7, § 4. Effective Date: September 3, 2025