15-1120. Same; contracts for consolidation or unitization of land.
15-1120
15-1120. Same; contracts for consolidation or unitization of land.
If there shall be less than 640 acres of land within the corporate
limits of said city, then the governing body of said city is hereby granted
power and authority to join with others having the right to produce and
sell natural gas from lands which with the land within the corporate limits
of said city will constitute a drill site in conformity with the rules and
regulations of the state corporation commission, and which together with
all of the land within the corporate limits of said city will not exceed
640 acres, in the execution of such contracts and agreements as will result
in consolidation or unitization of the land within the corporate limits of
such city with such other lands so as to constitute a drilling unit not
exceeding 640 acres in area, and to enter into contracts with such other
persons having the right to produce and sell natural gas from such other
lands for the drilling of a joint well upon such consolidated drilling
unit, each party to contribute and to bear his, her or its proportionate
share of the cost of drilling, equipping, completing, connecting and
maintaining said gas well, and of producing, delivering and selling the
natural gas therefrom, and to receive his, her or its proportionate share
of the proceeds of such sales, according to the number of acres contributed
by each such party to such drilling unit.
History: L. 1947, ch. 171, § 3; April 9.