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Texas Natural Resources Code

§ 32.1072 — MINIMUM ROYALTY, BONUS, AND RENTAL

NR § 32.1072Title 2. PUBLIC DOMAIN · Part C. ADMINISTRATION · Ch. 32. SCHOOL LAND BOARD · Art. D. SALE AND LEASE OF LAND

Statute text

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The board may not accept a bid on an oil and gas lease that offers:
(1)a royalty of less than one-eighth of the gross production of oil and gas; or
(2)a cash bonus of less than $10 an acre.

Legislative history

Added by Acts 1985, 69th Leg., ch. 624, Sec. 22, eff. Sept. 1, 1985. Amended by Acts 1993, 73rd Leg., ch. 897, Sec. 11, eff. Sept. 1, 1993.

Source: Texas Natural Resources Code § 32.1072 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.