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.
Repeals. — Laws 1985, ch. 195, § 9 repealed former 19-10-7 NMSA 1978, as enacted by Laws 1977, ch. 298, § 2, relating to the applicability of the lease form in 19-10-4 NMSA 1978, effective June 14, 1985.
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