45-9-33. Alternative rights of owners--Surrender of leasehold interest to participating owners--Participation on a limited basis.
111 words·~1 min read·
/sd/title-45/chapter-45-9/45-9-33·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If requested, each such pooling order shall provide for one or more just and equitable alternatives whereby an owner who does not elect to participate in the risk and cost of the drilling and operation of a well may elect to surrender his or her leasehold interest to the participating owners on some reasonable basis and for a reasonable consideration. If such terms are not agreed upon, they shall be determined by the Board of Minerals and Environment. The owner may elect to participate in the drilling and operation of the well, on a limited or carried basis, upon terms and conditions determined by the board to be just and reasonable.