72-912. Leases; assignment; conditions of approval.
Except as hereinafter provided, the assignment of any oil and gas lease issued under the provisions of sections 72-901 to 72-912, either in whole or in part, shall be permitted if made to an assignee qualified as provided herein. Such assignment shall not, however, be binding upon the state until filed with the Board of Educational Lands and Funds, accompanied by a filing fee of one dollar and a bond, and approved by the board, or its lawful representatives; Provided, that the approval of such assignment so filed and supported shall not be withheld in any case where satisfactory compliance has been made with the requirements of said sections. In no case shall the board be required to approve an assignment of a lease in part, covering a tract less than forty acres nor shall it be required to approve an assignment of an undivided interest in such lease until a showing, satisfactory to the board, has been made evidencing which one of the parties, assignor or assignee is to be the one to pay the delay rentals thereafter accruing, as to an undivided interest thereafter to be jointly owned, nor shall it be required to approve an assignment covering an undivided interest of less than forty leasehold acres.
Source
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.