30 U.S.C. § 358 : US Code - Section 358: Rights under prior leases; priority of pending applications; exchange of leases

Search 30 U.S.C. § 358 : US Code - Section 358: Rights under prior leases; priority of pending applications; exchange of leases

Nothing in this chapter shall affect any rights acquired by any
lessee of lands subject to this chapter under the law as it existed
prior to August 7, 1947, and such rights shall be governed by the
law in effect at the time of their acquisition; but any person
qualified to hold a lease who, on August 7, 1947, had pending an
application for an oil and gas lease for any lands subject to this
chapter which on the date the application was filed was not
situated within the known geologic structure of a producing oil or
gas field, shall have a preference right over others to a lease of
such lands without competitive bidding. Any person holding a lease
on lands subject hereto, which lease was issued prior to August 7,
1947, shall be entitled to exchange such lease for a new lease
issued under the provisions of this chapter, at any time prior to
the expiration of such existing lease.