312 IAC 1.5-8-10
312 IAC 1.5-8-10 Royalties; fee for lease with the state
Cite as Ind. Admin. Code tit. 312, r. 1.5-8-10
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) twelve and one-half percent (12 1/2%) of the petroleum produced and saved; or
(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.