[Previous] [Next]
§58-929.1.
§58-929.1.
Administrators and executors of the estates of deceased persons and
guardians of the estates of minors and incompetents are hereby
authorized to sell, as hereinafter provided, oil and gas and mineral
leaseholds, or any part hereof, owned by the estate of said deceased
person, or by said minor or incompetent and, in connection with said
sale, or independently thereof, to enter into transactions and to
execute all instruments necessary or advantageous to the estate of
said decedent or ward in the operation or development of any oil and
gas and mineral leasehold, or any part thereof, owned by the estate of
said decedent or ward, including but not limited to joint operating
agreements, unitization agreements, repressuring agreements and
water-flooding agreements. The term "sale" as used in this act shall
not be limited to sales for a cash consideration but may include sales
made in consideration of a drilling obligation, oil payment,
overriding royalty, exchange of oil and gas and mineral leaseholds, or
such other consideration as the court shall find to be for the best
interest of the estate of said decedent or ward. All such sales and
agreements shall be subject to the approval of the district court in
which said administration or guardianship proceedings are pending. If
the will of any such deceased person empowers the executor to sell
real property, it shall not be necessary for the executor, or the
administrator with the will annexed, to comply with this act; but in
such case the sales and agreements authorized by this act shall be
deemed to be sales of property and subject to the provision of Section
462 of Title 58, Oklahoma Statutes 1961.
[Previous] [Next]