76-3704. Oil and gas leases permitted; when.
157 words·~1 min read·
/ne/chapter-76/76-3704A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Except as provided in subsection
(2)of this section, corporations incorporated under the laws of the United States of America, or under the laws of any state of the United States of America, or any foreign corporation or any nonresident alien, doing business in this state, may acquire, own, hold, or operate leases for oil, gas, or other hydrocarbon substances, for a period as long as ten years and as long thereafter as oil, gas, or other hydrocarbon substances shall or can be produced in commercial quantities.
(2)A restricted entity or an agent, trustee, or fiduciary thereof may not acquire, own, hold, or operate leases for oil, gas, or other hydrocarbon substances pursuant to subsection
(1)of this section. A restricted entity, or an agent, trustee, or fiduciary thereof, who violates this section shall be in violation of the Foreign-owned Real Estate National Security Act and subject to divestment as prescribed under section 76-3712 .