Common use of Application Requirement Clause in Contracts

Application Requirement. Any noncompetitive oil or gas lease extended under this section shall be subject to the rules and regulations in force at the expiration of the initial five-year term of the lease. No extension shall be granted, however, unless within a period of ninety days prior to the expiration date of the lease an application therefor is filed by the record titleholder or an assignee whose assign- ment has been filed for approval or an operator whose operating agreement has been filed for ap- proval.