Arkansas § 15-73-407 Procedure - Evidence authorizing lease

Arkansas Statutes

§ 15-73-407 — Procedure - Evidence authorizing lease

Insofar as § 18-60-401 et seq., relating to the partition of land, is not in conflict with this subchapter, those sections shall apply to the partition of interests in oil and gas leasehold rights on, in, and under lands. However, it shall not be necessary for the circuit court to find that the interests are not susceptible to partition in kind before it shall order the execution of any such oil and gas lease, but it shall be sufficient to justify the execution of the oil and gas lease on and covering the land that the evidence shows:

(1)That it is desirable for the property to be developed as a unit for oil and gas; and (2) That the value of the interest owned by each of the parties would be more if the property were developed and operated as a unit than if divided.

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Insofar as § 18-60-401 et seq., relating to the partition of land, is not in conflict with this subchapter, those sections shall apply to the partition of interests in oil and gas leasehold rights on, in, and under lands. However, it shall not be necessary for the circuit court to find that the interests are not susceptible to partition in kind before it shall order the execution of any such oil and gas lease, but it shall be sufficient to justify the execution of the oil and gas lease on and covering the land that the evidence shows: (1) That it is desirable for the property to be developed as a unit for oil and gas; and (2) That the value of the interest owned by each of the parties would be more if the property were developed and operated as a unit than if divided.

Arkansas § 15-73-407 (Procedure - Evidence authorizing lease) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.