53C-2-412 - Land subject to federal mineral lease. - Utah Statutes

53C-2-412. Land subject to federal mineral lease.
(1) With respect to any tract of land in which the trust acquires or has acquired anyinterest subject to an outstanding federal mineral lease or prospecting permit, the lessee orpermittee may submit a petition seeking extension of the permit or lease or any other action asmay be necessary to give to the lessee or permittee any and all rights, privileges, and benefitswhich he would have had under the permit or lease had the trust not acquired its interest in thetract.
(2) In consideration of the voluntary termination by the federal lessee or permittee of hislease or permit as it relates to that tract, the director may issue to that lessee or permittee a leaseof the acquired tract or any portion of that tract for recovery of the same mineral substances,granting the lessee all the rights, privileges, and benefits with reference to that tract which hewould have had by reason of his lease or permit from the United States had the state not acquiredits interest in the tract.

Enacted by Chapter 294, 1994 General Session