Illinois General Assembly - Illinois Compiled Statutes

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5 ILCS 615/8

(5 ILCS 615/8) (from Ch. 96 1/2, par. 5008)

Sec. 8.

A permittee, at any time during the life of the permit or upon the
termination thereof, shall be entitled to a lease for the extraction of
petroleum from not to exceed one section, or an equivalent area, of such
land to be selected by such permittee. Such lease shall be at a royalty of
not more than twelve and one-half (12 1/2%) per centum of all petroleum
produced and saved therefrom or the market value of such petroleum at the
option of the Department, and shall provide for an annual rental, payable
in advance, of from one ($1.00) dollar to ten ($10.00) dollars per acre, as
the Department may determine, which rentals shall be credited against
future royalties. Such leases shall be for a primary term of ten (10) years
and as long thereafter as oil in commercial quality and commercial quantity
can be produced from the lands embraced in the lease. The form and terms of
such leases shall be the same as the standard commercial petroleum lease
generally in use in the territory in which the oil, gas or other petroleum
deposits are located, with the addition thereto of such terms as in this
Act and the rules and regulations of the Department are provided. Whenever
the conditions contained in such standard commercial lease are in conflict
with the provisions of this Act, the provisions of this Act shall
control.

(Source: Laws 1951, p. 1167.)