Authority: IC 14-38-1-19

Affected: IC 14-38-1-11; IC 14-38-1-12

Sec. 10. (a) A person shall pay royalties to the state for a lease with the state under 312 IAC 17-1.

(b) The royalties a person shall pay under subsection (a) are:

1. (1) twelve and one-half percent (12 1/2%) of the petroleum produced and saved; or
2. (2) the market value of the petroleum at the option of the commission.

(c) The fee for a lease with the state under subsection (a) is one dollar ($1) an acre each year to be paid in advance of oil or gas production for the full term of the lease.

(Natural Resources Commission; 312 IAC 1.5-8-10; filed Sep 9, 2024, 10:58 a.m.: 20241009-IR-312240163FRA)