BLM proposes to reinstate terminated oil and gas lease NMNM105294482 in New Mexico
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This notice says the Bureau of Land Management plans to reinstate a terminated oil and gas lease in Lea County, New Mexico after the lessee asked for reinstatement on time, paid the back rent, and met the required fee and notice conditions. The lease would return under the original terms plus higher payments: $20 per acre in annual rent and a 22.75% royalty rate. The practical impact is limited to the leaseholder and anyone tracking oil and gas rights on this tract. BLM also says no other leases currently affect the land, so companies with nearby operations should note that this lease may become active again if the reinstatement is finalized.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- BLM proposes to reinstate terminated lease NMNM105294482.
- The lessee would pay higher terms: $20 per acre annual rent and a 22.75% royalty.
- The lease would restart effective September 1, 2023, for the rest of the primary term if finalized.
Obligations
What this law requires
FAE II LLC may have the terminated competitive oil and gas lease NMNM105294482 reinstated only if it has timely petitioned for reinstatement, paid the rental accruing from the date of termination, paid the required administration fee, reimbursed the Bureau of Land Management for the cost of publishing the notice, and accepted the amended lease notices and revised lease terms.
If reinstated, the leaseholder must pay annual rental at the rate of $20 per acre, or fraction thereof, per year for lease NMNM105294482.
If reinstated, the leaseholder must pay a royalty rate of 22.75 percent under the revised lease terms.
The reinstated lease is subject to the original terms and conditions of lease NMNM105294482, as well as amended lease notices and the higher rental and royalty terms stated in the notice.