Utah Code 53C-2-405. Mineral leases — Multiple leases on same land — Lease terms
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Terms Used In Utah Code 53C-2-405
- Administration: means the School and Institutional Trust Lands Administration. See Utah Code 53C-1-103
- Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5
- 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
- Mineral: includes oil, gas, and hydrocarbons. See Utah Code 53C-1-103
- trust lands: means those properties granted by the United States in the Utah Enabling Act to the state in trust, and other lands transferred to the trust, which must be managed for the benefit of:
(8)(a) the state's public education system; or(8)(b) the institutions of the state which are designated by the Utah Enabling Act as beneficiaries of trust lands. See Utah Code 53C-1-103(1)(a) Mineral leases, including oil, gas, and hydrocarbon leases, may be issued for prospecting, exploring, developing, and producing minerals described by rule as available for lease on any portion of trust lands or the reserved mineral interests of the trust.(1)(b)(1)(b)(i) Leases may be issued for different types of minerals on the same land.(1)(b)(ii) If leases are issued for different types of minerals on the same land, the leases shall include stipulations for simultaneous operations.(1)(c) Leases may not be issued for the same resource on the same land.(2)(2)(a) Each mineral lease issued by the administration shall provide for an annual rental of not less than $1 per acre per year.(2)(b) However, a lease may provide for a rental credit, minimum rental, or minimum royalty upon commencement of production, as prescribed by rules of the director.(3) The primary term of a mineral lease may not exceed 10 years.(4) The director shall make rules regarding the continuation of a mineral lease after the primary term has expired.