43 CFR 3211.21 - When do I owe minimum royalty?

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§ 3211.21 When do I owe minimum royalty?
(a) You do not owe minimum royalties for:
(1) Leases issued on or after August 8, 2005 (other than for leases issued in response to applications that were pending on that date for which no election is made under § 3200.8(b)(1)); and
(2) Leases issued before August 8, 2005, for which an election is made under § 3200.7(a)(2).
(b) For leases issued before August 8, 2005, for which no election is made under § 3200.7(a)(2), and for leases issued in response to applications pending on that date for which no election is made under § 3200.8(b)(1), you owe minimum royalty of $2.00 per acre (to be paid to MMS) when:
(1) You have not begun actual production following the BLM's determination that you have a well capable of commercial production; or
(2) The value of actual production is so low that royalty you would pay under the scheduled rate is less than $2.00 per acre (this applies to situations of no production, as long as the lease remains in effect).

Title 43 published on 2013-10-01

no entries appear in the Federal Register after this date.

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