[Code of Federal Regulations]
[Title 43, Volume 2]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 43CFR3120.7-2]

[Page 371]
 
                    TITLE 43--PUBLIC LANDS: INTERIOR
 
    CHAPTER II--BUREAU OF LAND MANAGEMENT, DEPARTMENT OF THE INTERIOR
 
PART 3120_COMPETITIVE LEASES--Table of Contents
 
                     Subpart 3120_Competitive Leases
 
Sec. 3120.7-2  Future interest terms and conditions.

    (a) No rental or royalty shall be due to the United States prior to 
the vesting of the oil and gas rights in the United States. However, the 
future interest lessee shall agree that if, he/she is or becomes the 
holder of any present interest operating rights in the lands:
    (1) The future interest lessee transfers all or a part of the 
lessee's present oil and gas interests, such lessee shall file in the 
proper BLM office an assignment or transfer, in accordance with subpart 
3106 of this title, of the future interest lease of the same type and 
proportion as the transfer of the present interest, and
    (2) The future interest lessee's present lease interests are 
relinquished, cancelled, terminated, or expired, the future interest 
lease rights with the United States also shall cease and terminate to 
the same extent.
    (b) Upon vesting of the oil and gas rights in the United States, the 
future interest lease rental and royalty shall be as for any competitive 
lease issued under this subpart, as provided in subpart 3103 of this 
title, and the acreage shall be chargeable in accordance with Sec. 
3101.2 of this title.