TITLE 47

MINES AND MINING

CHAPTER 8

OIL AND GAS LEASES ON STATE AND SCHOOL LANDS

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.