Idaho Code 47-805 – Annual Rental — Amount — Minimum Royalty
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 47-805
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
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.