Every oil and gas or mining lease containing any provision whereby the lessor grants and sells to the lessee therein a right or option, at any time during the term thereof or any extensions or renewals thereof, to purchase any part of the lessor's mineral or royalty interest in, on, or under the leased premises shall clearly state in the heading or title of the lease that such right or option is contained therein; but the customary provision contained in such leases permitting the lessee to purchase or sell the lessor's share of production and to account to lessor for the proceeds thereof shall not be deemed to be such a right or option.
Source: L. 55: p. 724, § 1. CRS 53: § 118-13-1. C.R.S. 1963: § 118-13-1.
ANNOTATION
Law reviews. For article, "The Interest of Landowner and Lessee in Oil and Gas in Colorado", see 25 Rocky Mt. L. Rev. 117 (1953). For article, "Colorado Condominium Act—How It Works", see 36 U. Colo. L. Rev. 451 (1964). For article, "Implied Covenants in Oil and Gas Leases", see 12 Colo. Law. 1803 (1983).