R850-90-900. Mineral Estates and Leases

  1. Trust Lands Administration mineral interests may be exchanged in accordance with Section 53C-2-401(2).

  2. Mineral estate exchanges must clearly be in the best interest of the applicable trust as documented by the agency's record. The record shall address those criteria listed in R850-90-200.

  3. In exchanges with persons other than the federal government, all mineral estates are reserved to the Trust Lands Administration unless exceptional circumstances justify the exchange of the mineral estate.

  4. Upon the exchange of Trust Lands Administration mineral estate, Trust Lands Administration mineral leases shall continue to be administered by the agency until the termination, relinquishment or expiration of the lease. Upon termination of the mineral lease the administration of the mineral estate transfers to the acquiring party.

  5. Acquired mineral estates shall be managed in accordance with Sections 53C-2-407(3), 53C-2-412 and 53C-2-413.