Kentucky Statutes 353.720 – Construction of KRS 353.500 to 353.720
Current as of: 2024 | Check for updates
|
Other versions
(1) KRS § 353.500 to KRS § 353.720 shall not be construed to authorize any limitation of production of oil or gas from any well, lease, pool, field or property to prevent or control economic waste or to limit production to market demand.
(2) Nothing in KRS § 353.500 to KRS § 353.720 is intended to or shall be construed as superseding, impairing, abridging or affecting any contractual rights or obligations now or hereafter existing between the respective owners of oil, gas, coal, or other minerals, or any interests therein.
Effective: June 16, 1960
History: Created 1960 Ky. Acts ch. 103, secs. 25 and 26, effective June 16, 1960.
(2) Nothing in KRS § 353.500 to KRS § 353.720 is intended to or shall be construed as superseding, impairing, abridging or affecting any contractual rights or obligations now or hereafter existing between the respective owners of oil, gas, coal, or other minerals, or any interests therein.
Terms Used In Kentucky Statutes 353.720
- Gas: means natural gas. See Kentucky Statutes 353.010
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Oil: means petroleum. See Kentucky Statutes 353.010
- Well: means a borehole drilled or proposed to be drilled for the purpose of producing natural gas or petroleum, or one through which natural gas or petroleum is being produced. See Kentucky Statutes 353.010
Effective: June 16, 1960
History: Created 1960 Ky. Acts ch. 103, secs. 25 and 26, effective June 16, 1960.