Nebraska Statutes 57-221. Oil and gas leases; pooling of acreage authorized; allocation of production
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Such governing boards are respectively authorized in their discretion to enter into appropriate agreements for the purpose of unit or cooperative exploration, development, and operation of acreage, or any part of the acreage, covered by leases granted pursuant hereto with other acreage for the production of oil and gas. Such agreements shall provide for the allocation of production on a proportionate acreage or other agreed equitable basis.
Source
- Laws 1943, c. 163, § 4, p. 579;
- R.S.1943, § 57-221;
- Laws 1961, c. 276, § 1, p. 810.
Terms Used In Nebraska Statutes 57-221
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts