New Mexico § 19-10-14 - Application for lease; form; deposit; appraisement

§ 19-10-14. Application for lease; form; deposit; appraisement

Applications for the issuance of any lease authorized by this act shall be executed

under oath by the applicant or by his agent or attorney duly authorized in writing,

or by any officer or attorney in fact of the corporation if the application be made

by a corporation. The application shall be accompanied by the amount offered by the applicant as the

bonus, if any, and rental for the first year. The form of the application shall be prescribed by the commissioner and all applications

shall contain a description of the lands by legal subdivisions upon which the lease

is desired, together with such data and information concerning development on and

in the vicinity of the lands as may reasonably be required by the commissioner. The commissioner may also require any applicant for a lease to file in the office

of the commissioner an appraisement in such form as the commissioner may require,

showing the value of the lands for oil and gas purposes, such appraisement to be made

under oath by one or more disinterested persons having personal knowledge of the facts

set forth in the appraisement. The commissioner shall not be bound by the statements contained in any such application

or appraisement. No lease shall be issued without the filing of an application therefor as prescribed

herein, and no lease shall be issued for less than the amount offered by the applicant

as a bonus, if any, and rental for the first year, and if an appraisement of the land

for oil and gas purposes be required as provided herein, then no lease shall issue

for less than the value of same as shown by such appraisement.