353.220 Nature of agreement. A consolidation agreement, within the provisions of KRS 353.210 to 353.230, is an agreement which provides for the consolidation of an oil and gas lease, or some portion thereof, with some other oil and gas lease or leases, or portions thereof, so that the oil and gas leases or portions thereof embraced in such agreement shall be operated and developed for oil and gas purposes as one (1) unit lease, and all royalties which may accrue from production on such consolidated area shall be treated as an entirety and shall be divided among and paid to the owners (or their lawful representatives) of the royalties in such area upon an acreage basis, so that each shall receive a share of such royalties calculated upon the basis of the ratio between each owner's interest in royalty and the entire interest in the royalties embraced in the consolidated area. History: Created 1944 Ky. Acts ch. 71, sec. 2.
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 insurance products 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 access to legal services through a network of provider 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 provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider 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 insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
