§3207.5. What terms (time periods) apply to my lease?

43 C.F.R. § 3207.5

Your lease may include a number of different time periods. Not every time period applies to every lease. These periods include:

(a)

A primary term consisting of—

(1)

Ten years;

(2)

An initial extension of the primary term for up to 5 years;

(3)

An additional extension of the primary term for up to 5 years;

(b)

A drilling extension of 5 years under § 3207.14;

(c)

A production extension of up to 35 years; and

(d)

A renewal period of up to 55 years.

Notes, amendments, and revision history

Authority: 30 U.S.C. 1001-1028; 43 U.S.C. 1701 et seq.; and Pub. L. 109-58.

Source: 72 FR 24400, May 2, 2007, unless otherwise noted.