72-911.

Amended lease; exchange authorized; terms and conditions.

Any holder of existing oil or gas leases heretofore issued by the Board of Educational Lands and Funds on properties of the nature covered hereby, shall have the right to exchange such lease for an amended lease issued under the provisions of sections 72-901 to 72-912, and embracing the same land. When the holder of any such lease makes written application to the board in due form for such exchange, the board shall issue an amended lease embracing the same land as the former lease in the ordinary and regulation form duly adopted by the board under the provisions of said sections, but there shall be deducted from the term for which such amended lease may be issued the time that has passed from the date of the issue of the former lease to the date of the issue of the amended lease, except that in no case shall the amended lease be granted for a longer period than seven years from the date of issue of the amended lease. Such amended lease shall provide for an increase of twenty-five cents per acre over the amount of the annual delay rental specified in the former lease.