The owner of any coal lease issued prior to July 1, 1989, and maintained in good standing according to the terms and conditions thereof and all applicable statutes and regulations may, upon the expiration thereof, obtain a new lease for the leased lands, without having to submit a competitive bid, by filing an application therefor with the commissioner and paying the application fee as set forth in the schedule of fees. The form of the new lease shall be as prescribed in 19.2.6.26 NMAC.
N.M. Admin. Code § 19.2.6.24