43 C.F.R. § 3135.1-4 Effect of transfer of a tract.
Title 43 - Public Lands: Interior
(a) When a transfer is made of all the record title to a portion of the acreage in a lease, the transferred and retained portions are divided into separate and distinct leases. Transfers shall not be made for less than a compact tract of not less than 640 acres nor shall less than a compact tract of not less than 640 acres be retained. (b) Each segregated lease shall continue in full force and effect for the primary term of the original lease and so long thereafter as oil or gas is produced in paying quantities from that segregated portion of the lease area or so long as drilling or well reworking operations, either actual or constructive, as approved by the Secretary, are conducted thereon. [46 FR 55497, Nov. 9, 1981, as amended at 53 FR 17359, May 16, 1988]
Title 43: Public Lands: Interior
PART 3130—OIL AND GAS LEASING: NATIONAL PETROLEUM RESERVE, ALASKA
Subpart 3135—Transfers, Extensions, Consolidations, and Suspensions
§ 3135.1-4 Effect of transfer of a tract.
