[Code of Federal Regulations]

[Title 43, Volume 2]

[Revised as of October 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 43CFR3120.7-2]



[Page 382]

 

                    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.