Congressional Serial Set Volume 7652
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Congressional Serial Set Volume 7652

Congressional Serial Set Volume 7652


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About the Book

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 Excerpt: ...the knovm geologic structure of a producing oil or gas field and the unentered lands containing the same, not subject to preferential lease, may be leased by the Secretary of the Interior to the highest responsible bidder by competitive bidding under general regulations to qualified applicants in areas not exceeding six hundred and forty acres and in tracts which shall not exceed in length two and one-half times their width, such leases to be conditioned upon the payment by the lessee of such bonus as may be accepted and of such royalty as may be fixed in the lease, which shall not be less than 12 per centum in amount or value of the production, and the payment in advance of a rental of not less than $1 per acre per annum thereafter during the continuance of the lease, the rental paid for any one year to be credited against the royalties as they accrue for that year. Leases shall be for a period of twenty years, with the preferential right in the lessee to renew the same for successive periods of ten years upon such reasonable terms and conditions as may be prescribed by tlie Secretary of the Interior, unless otherwise provided by law at the time of the expiration of such periods. Whenever the average daily production of any oil well sliall not exceed ten barrels per day, the Secretary of the Interior is authorized to reduce the royalty on future production when in his judgment the wells can not be successfully operated upon the royalty fixed in the lease. The provisions of this paragraph shall apply to all oil and gas leases made under this Act. Sec. 18. That upon relinquishment to the United States, filed in the General Land Office within six months after the approval of this Act, of aU right, title, and interest claimed, and possessed prior to July 3, 19...


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Product Details
  • ISBN-13: 9781130896909
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 394
  • Spine Width: 21 mm
  • Width: 189 mm
  • ISBN-10: 1130896900
  • Publisher Date: 05 Mar 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 703 gr


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