Oklahoma § 52-474 - Sales, purchases and deliveries - Adjustment of contract

§ 52-474. Sales, purchases and deliveries - Adjustment of contract

prices.

Each and every sale, and each and every purchase, delivery and

receipt of gas by volume hereafter made in this state by, for or on

behalf of an oil and gas lease owner, royalty owner thereunder, or

other mineral interest owner, shall be made and such gas shall be

measured, calculated, purchased, delivered and accounted for on the

basis of "a standard cubic foot of gas" as defined in Section 2, and

as determined under this act. Whenever the provisions of this act

operate to change the basis of measurement provided for in existing

contracts, then the price for gas, including royalty gas, provided

for in such contracts shall, if either the purchaser or seller so

desires, be adjusted to compensate for the change in the method of

measuring the volume of gas delivered thereunder. This provision is

intended to protect parties to contracts now in existence, so that

after this act becomes effective the total amount of money paid for

a volume of gas purchased, or required to be accounted for, under

existing contracts shall remain unaffected by this act.

Nothing in this section shall affect or apply to purchases or

sales made on any basis other than a volume basis.

Added by Laws 1951, p. 133, § 4, emerg. eff. May 26, 1951.