New Mexico § 19-10-12 - New lease or extension where no discovery made; preference right; conditions
Full text of New Mexico New Mexico Statutes Annotated § 19-10-12 — New lease or extension where no discovery made; preference right; conditions, with citation guidance and answers to common questions.
§ 19-10-12. New lease or extension where no discovery made; preference right; conditions
The legal owners of all leases issued by the commissioner of public lands prior to
the effective date of this amendment, containing provision, or provisions, for preference
right to a new lease, or extension of the term thereof upon the expiration of the
initial five-year term, and where valuable discoveries of the oil and gas have not
been made, shall have an absolute preference right to such new lease or extension,
upon the terms and conditions provided in such leases without paying a bonus therefor,
and in the exercise of such preference right the provisions of Chapter 125 of the
1929 Session Laws, and of this act relating to sales made upon competitive bidding
by sealed bids, or at public auction, shall not apply in any case, but all such renewals,
extensions or new leases made pursuant to such preference rights shall be only for
a term of five years and as long thereafter as oil and gas in paying quantities, or
either of them, is produced from the leased premises, and without further preference
right to renewal or extension for successive terms.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 19-10-12
What does New Mexico Statutes Annotated § 19-10-12 cover?
Section 19-10-12 ("New lease or extension where no discovery made; preference right; conditions") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 19-10-12?
A common citation format is "New Mexico Statutes Annotated § 19-10-12" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 19-10-12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.