109.160 – EXPLORATORY TERM OF LEASE; EXTENSION; OTHER
Texas Education Code § 109.160
Summary
This law outlines the terms for exploratory leases on mineral rights, allowing for an initial term of up to five years. It also provides conditions under which the lease can be extended for an additional three years with unanimous board approval.
Initial exploratory lease term is up to five years.
Extension requires unanimous board approval for up to three additional years.
Applicable to leases involving oil, gas, or other minerals.
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In simple terms: Learn about Texas's EXPLORATORY TERM OF LEASE; EXTENSION; OTHER law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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