47-805. ANNUAL RENTAL — AMOUNT — MINIMUM ROYALTY. Oil and gas leases shall be issued at an annual rental of not less than twenty-five cents (25¢) per acre, payable in advance, and royalty on oil and gas lands shall not be less than twelve and one-half per cent (12 1/2%) of oil and/or gas produced and saved from said lands under said lease. Royalties shall be paid in addition to rental payments, at the discretion of the board of land commissioners.
History:
[47-805, added 1937, ch. 130, sec. 5, p. 200; am. 1949, ch. 128, sec. 4, p. 226; am. 1974, ch. 106, sec. 1, p. 1246; am. 1985, ch. 125, sec. 1, p. 309.]