(1) An annual money rental shall be paid to the state for
each oil and gas lease at the rate of $1.50 for each acre of land leased;
however, such rental shall in no case be less than $100.00 per annum. Rental
for the first year of the lease shall include any sums, in excess of $1.50 per
acre offered and accepted for such first year's rental. The first year rental
shall be paid before the issuance of the lease. Rental for each subsequent year
of the lease shall be due and payable before the beginning of each subsequent
year upon failure to make such payments, the lease terminates. The annual money
rental is not in lieu of drilling operations, but continues throughout the life
of the lease. The annual money rental is in addition to any nondrilling penalty
and any royalty payment. No credit against royalty payment is allowed by reason
of the annual money rental payment. No partial rental payment will be accepted,
and the entire rental shall be considered unpaid until the full rental payment
has been received.