53C-2-403. Mineral leases -- Director to establish forms, term, rental, and royalty.
The director shall establish the:
(1) form of a mineral lease application;
(2) form of the lease;
(3) term of the lease;
(4) annual rental;
(5) amount of royalty in addition to or in lieu of rental; and
(6) basis upon which the royalty shall be computed.