§52-474. Sales, purchases and deliveries - Adjustment of contract
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/ok/title-52-oil-and-gas/52-474·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
prices.
Each and every sale, and each and every purchase, delivery and receipt of gas by volume hereafter made in this state by, for or on behalf of an oil and gas lease owner, royalty owner thereunder, or other mineral interest owner, shall be made and such gas shall be measured, calculated, purchased, delivered and accounted for on the basis of "a standard cubic foot of gas" as defined in Section 2, and as determined under this act. Whenever the provisions of this act operate to change the basis of measurement provided for in existing contracts, then the price for gas, including royalty gas, provided for in such contracts shall, if either the purchaser or seller so desires, be adjusted to compensate for the change in the method of measuring the volume of gas delivered thereunder.
This provision is intended to protect parties to contracts now in existence, so that after this act becomes effective the total amount of money paid for a volume of gas purchased, or required to be accounted for, under existing contracts shall remain unaffected by this act.
Nothing in this section shall affect or apply to purchases or sales made on any basis other than a volume basis. Added by Laws 1951, p. 133, § 4, emerg. eff. May 26, 1951.