Oklahoma § 58-929.1 - Sales and agreements by administrators and executors Approval

§ 58-929.1. Sales and agreements by administrators and executors Approval

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

Oklahoma Statutes - Title 58. Probate Procedure

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.

Laws 1955, p. 304, § 1; Laws 1961, p. 442, § 1; Laws 1965, c. 272, §

1, emerg. eff. June 23, 1965.