Or. Admin. Code § 141-070-0120

Current through Register Vol. 63, No. 10, October 1, 2024

Section 141-070-0120 - Rental Amounts

Lessee shall pay to the state annually in advance, the following rental amounts per acre or fraction of an acre per year:

(1) Annual Rental -- The amount of $1 per acre or fraction of an acre payable in advance on an annual basis during the primary ten-year lease term and any extended term of the lease.

(2) Delayed Rental -- The amount of $1 per acre or fraction of an acre in addition to the annual rental to defer the lease agreement drilling requirement. Delayed rental is payable on or before the 5th through the 9th anniversary dates of the primary lease term unless the drilling requirements are satisfied or the lease agreement is terminated.

(3) The lease shall automatically terminate if all annual and delayed rental payments required by the lease are not received by the Division on or before the anniversary date of the lease.

Or. Admin. Code § 141-070-0120

LB 3-1988, f. & cert. ef. 9-19-88

Stat. Auth.: ORS 273

Stats. Implemented: ORS 273 .780 - ORS 273 .790