Louisiana Revised Statutes 31:177 – Co-owner of mineral lease may not operate independently except to prevent waste, destruction, or termination
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Terms Used In Louisiana Revised Statutes 31:177
- 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
A co-owner of the lessee’s interest in a mineral lease may not independently conduct operations or, except as provided in this article and Article 171, deal with the interest without the consent of his co-owner. He may act to prevent waste, destruction, or termination of the lease and to protect the interest of all, but cannot impose upon his co-owner liability for any costs or expenses except out of production. In so acting he must act in good faith and must deal with the interest of the remaining owner or owners in the manner of a reasonably prudent lessee whose interest is not subject to co-ownership.
Acts 1974, No. 50, §177, eff. Jan. 1, 1975.