Sec. 32.1072. MINIMUM ROYALTY, BONUS, AND RENTAL. The board may not accept a bid on an oil and gas lease that offers:
(1) a royalty of less than one-eighth of the gross production of oil and gas; or
(2) a cash bonus of less than $10 an acre.
Added by Acts 1985, 69th Leg., ch. 624, Sec. 22, eff. Sept. 1, 1985. Amended by Acts 1993, 73rd Leg., ch. 897, Sec. 11, eff. Sept. 1, 1993.
Structure Texas Statutes
Chapter 32 - School Land Board
Subchapter D. Sale and Lease of Land
Section 32.101. Applicable Law
Section 32.105. Date for Opening Bids
Section 32.106. Description of Land
Section 32.107. Notice of Sale, Lease, and Contract for Development
Section 32.1072. Minimum Royalty, Bonus, and Rental
Section 32.1073. Fixing Royalty, Bonus, and Rental
Section 32.109. Acceptance and Rejection of Bids
Section 32.110. Special Sale Fee
Section 32.111. Issuance of Award or Lease
Section 32.112. Sale of Tax Foreclosure Property
Section 32.113. Exemption From Certain Real Estate Transaction Laws