72-903. Leases; reservation of royalty to lessor; monthly accounting.
In every oil and gas lease granted pursuant hereto, there shall be reserved to the lessor a royalty of not less than twelve and one-half percent of all oil, gas, hydrocarbons and all other petroleum products produced and saved from the lands covered thereby and not used in connection with the development and operation of the leased premises, or twelve and one-half percent of the market value thereof at the leased premises. Such leases shall provide that the interest so reserved shall be produced free of cost to lessor and that an accounting shall be made therefor on a monthly basis.
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 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.
