§ 2-3-503 — Authorization by court; transfer of mineral interests; terms

Wyoming § 2-3-503

• Jurisdiction: Wyoming
• Title 02: Wills, Decedents' Estates and Probate Code
• Ch. 3: FIDUCIARIES
• Art. 5: MORTGAGE, LEASE OR SALE

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Proceedings may be had in the district court of each Wyoming
county in which an estate in probate is being administered or a
guardianship proceeding is pending, which involves real
property, for authority to transfer, sell or assign royalty,
overriding royalty, leasehold or other mineral interest and to
lease the mineral content ownership interest in the property of
any then deceased person or of any then minor or incompetent
person, as distinguished from realty surface leases referred to
in W.S. 2-3-501. If it appears to the court that the transfer,
sale or assignment of royalty, overriding royalty, leasehold or
other mineral interest or execution and delivery of a lease or
contract for exploration and development of the affected real
property mineral interest of the decedent, minor or incompetent
person, will be advantageous to the estate of the decedent,
minor or incompetent person the court, may authorize and direct
the trustee, executor or administrator of the probate estate or
the guardian of the estate of the minor or incompetent person,
to transfer, sell or assign the royalty, overriding royalty,
leasehold or other mineral interest or to lease the real estate
interest or any part thereof for the mineral content purposes
stated. Leases may be for primary terms of five (5) years or
less as mutually agreed by the parties thereto and for so long
thereafter as the mineral content, including but not restricted
to oil, gas or other hydrocarbons, shall or can be produced in
commercial quantities from the leasehold premises, or for the
term of each unit or cooperative agreement to which the lease
may be committed with the consent and approval of the court. The
lease is not invalid or voidable because its effectiveness may
or will extend beyond the term in office of the lessor, trustee,
executor, administrator or guardian, or beyond the time of final
settlement of the probate estate, or beyond the minority of the
minor or the period of incompetency of the incompetent involved.
With the consent and approval of the court any royalty,
overriding royalty or other mineral interest or a lease may be
committed to a unit or cooperative agreement, or to a secondary
recovery agreement, for a like term and with like effect.