N.M. Stat. § 19-10-7

Current through 2024, ch. 69
Section 19-10-7 - Exploratory form of lease; different term of years
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.

NMS § 19-10-7

1978 Comp., § 19-10-7, enacted by Laws 1987, ch. 173, § 2.