<html> <head> <title>Rule 04:01:01:15 Term of oil and gas lease -- Rental rate.</title> <META NAME="Keywords" Content="Administrative Rules 04:01:01:15"> <META NAME="Description" Content="Administrative Rules 04:01:01:15 Term of oil and gas lease -- Rental rate."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>4:01:01:15.&nbsp;&nbsp;Term of oil and gas lease -- Rental rate.</b> The term of an oil and gas lease is five years. Rental rate is one dollar per acre per year on a drill or pay basis.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 2 SDR 36, effective November 20, 1975; 5 SDR 40, effective November 26, 1978; 7 SDR 75, effective February 8, 1981.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=5-7-23">5-7-23</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=5-7-37">5-7-37.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=5-7-23">5-7-23.</A></p> </div> </body> </html>