Texas Natural Resources Code 32.1073 – Fixing Royalty, Bonus, and Rental
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Terms Used In Texas Natural Resources Code 32.1073
- 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
In offering land for lease under this subchapter, the board may:
(1) set the royalty and rental and provide for bidding on a basis of the highest cash bonus offered; or
(2) set the cash bonus and rental and provide for bidding on the basis of the highest royalty offered.