15-1120.   Same; contracts for consolidation or unitization of land.If there shall be less than 640 acres of land within the corporatelimits of said city, then the governing body of said city is hereby grantedpower and authority to join with others having the right to produce andsell natural gas from lands which with the land within the corporate limitsof said city will constitute a drill site in conformity with the rules andregulations of the state corporation commission, and which together withall of the land within the corporate limits of said city will not exceed640 acres, in the execution of such contracts and agreements as will resultin consolidation or unitization of the land within the corporate limits ofsuch city with such other lands so as to constitute a drilling unit notexceeding 640 acres in area, and to enter into contracts with such otherpersons having the right to produce and sell natural gas from such otherlands for the drilling of a joint well upon such consolidated drillingunit, each party to contribute and to bear his, her or its proportionateshare of the cost of drilling, equipping, completing, connecting andmaintaining said gas well, and of producing, delivering and selling thenatural gas therefrom, and to receive his, her or its proportionate shareof the proceeds of such sales, according to the number of acres contributedby each such party to such drilling unit.

      History:   L. 1947, ch. 171, § 3; April 9.