40-6-7 - Agreements for repressuring or pressure maintenance or cycling or recycling operations -- Plan for development and operation of pool or field.
40-6-7. Agreements for repressuring or pressure maintenance or cycling orrecycling operations -- Plan for development and operation of pool or field.
(1) An agreement for repressuring or pressure maintenance operations, cycling orrecycling operations, including the extraction and separation of liquid hydrocarbons from naturalgas, or for carrying on any other methods of unit or cooperative development or operation of afield or pool or a part of either, is authorized and may be performed, and shall not be held orconstrued to violate any statutes relating to trusts, monopolies, or contracts and combinations inrestraint of trade, if the agreement is approved by the board as being in the public interest andpromotes conservation, increases ultimate recovery and prevents waste of oil or gas provided theagreement protects the correlative rights of each owner or producer.
(2) A plan for the development and operation of a pool or field shall be presented to theboard and may be approved after notice and hearing.
Enacted by Chapter 205, 1983 General Session