060-23 Wyo. Code R. § 23-6 - Rentals
(a) The annual rental payments on all zeolite
leases shall be:
(i) One dollar ($1) per acre
for the first through the fifth years;
(ii) Two dollars ($2) per acre for the sixth
through tenth years of the primary lease term and for any renewal year within a
second ten (10) year term.
(iii)
Three dollars ($3) per acre for each year for renewals for a third ten (10)
year term; and
(iv) Four dollars
($4) per acre for each year for renewals for a fourth ten (10) year
term.
(b) Failure to pay
rentals on or before the lease anniversary date shall result in termination of
the lease. Termination of a lease shall not relieve the lessee of any
obligation incurred under the lease other than the obligation to pay rental or
penalty.
(c) After initial
submission of the increased annual rental required by the lease upon the
discovery of zeolite in paying quantities, lessees are exempt from submission
of subsequent annual creditable lease annual rentals for so long as annual
royalties paid meet or exceed the required annual rental amount. The annual
rental shall be held for a credit on annual royalty in any year the annual
royalty does not equal the required annual rental (minimum royalty) amount. Any
credit amount used in making up the difference in royalty paid and the minimum
lease royalty due must be paid within thirty (30) days following the next lease
anniversary date to continue the lease. The Office shall notify lessees of any
minimum royalty amount due after the lease anniversary for which a shortfall
occurs.
Notes
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