N.M. Admin. Code § 19.15.12.7

Current through Register Vol. 35, No. 21, November 5, 2024

Section 19.15.12.7 - DEFINITIONS

A. "Diverse ownership" means leases or pools have different working, royalty or overriding royalty interest owners or different ownership percentages of the same working, royalty or overriding royalty interest owners.

B. "Identical ownership" means leases or pools have the same working, royalty and overriding royalty owners in exactly the same percentages.

C. "Lease" means a contiguous geographical area of identical ownership overlying a pool or portion of a pool. An area pooled, unitized or communitized, either by agreement or by division order, or a participating area shall constitute a lease. If there is diversity of ownership between different pools, or between different zones or strata, then each such pool, zone or stratum having diverse ownership shall be considered a separate lease.

N.M. Admin. Code § 19.15.12.7

19.15.12.7 NMAC - Rp, 19.15.5.303 NMAC, 12/1/08