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Code of Federal Regulations Title 43. Public Lands:  Interior § 43.3108.1 As a lessee, may I relinquish my lease?

Current as of January 02, 2025 | Updated by Findlaw Staff

You may relinquish your lease or any legal subdivision of your lease at any time. You must file a written relinquishment with the BLM State Office with jurisdiction over your lease. All lessees holding record title interests in the lease must sign the relinquishment. A relinquishment takes effect on the date you file it with BLM. However, you and the party that issued the bond will continue to be obligated to:

(a) Make payments of all accrued rentals and royalties, including payments of compensatory royalty due for all drainage that occurred before the relinquishments;

(b) Place all wells to be relinquished in condition for suspension or abandonment as BLM requires;  and

(c) Complete reclamation of the leased sites after stopping or abandoning oil and gas operations on the lease, under a plan approved by the appropriate surface management agency.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 43. Public Lands:  Interior § 43.3108.1 As a lessee, may I relinquish my lease? - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-43-public-lands-interior/cfr-sect-43-3108-1/

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