Page:United States Statutes at Large Volume 60 Part 1.djvu/981

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PUBLIC LAWS-CH. 916-AUG. 8 , 1946 Atraproval of co n- "The Secretary of the Interior is hereby authorized, on such condi- tions as he may prescribe, to approve operating, drilling, or develop- ment contracts made by one or more lessees of oil or gas leases, with one or more persons, associations, or corporations, whenever, in his discretion and regardless of acreage limitations provided for in this Act, the conservation of natural products or the public convenience or necessity may require it or the interests of the United States may be best subserved thereby. Subsurface storage "The Secretary of the Interior, to avoid waste or to promote conser- vation of natural resources, may authorize the subsurface storage of oil or gas, whether or not produced from federally owned lands, in lands leased or subject to lease under this Act. Such authorization may provide for the payment of a storage fee or rental on such stored oil or gas, or, in lieu of such fee or rental, for a royalty other than that prescribed in the lease when such stored oil or gas is produced in con- Extensionof lease junction with oil or gas not previously produced. Any lease on which storage is so authorized shall be extended at least for the period of storage and so long thereafter as oil or gas not previously produced is produced in paying quantities." 3 Stat. 184. SEC. 6. Section 27 of the Act is amended to read as follows: Supp. V. § 184note. "SEC. 27 . NO person, association, or corporation, except as herein Restrictions on acre- age holdings, etc. provided, shall take or hold coal, phosphate, or sodium leases or permits during the life of such leases in any one State, exceeding in the aggregate acreage two thousand five hundred and sixty acres for each of said minerals; and no person, association, or corporation, except as herein provided, shall take or hold at one time oil or gas leases exceeding in the aggregate fifteen thousand three hundred and sixty acres granted hereunder in any one State. No person, associa- tion, or corporation shall take or hold at one time any interest or interests as a member of an association or associations or as a stock- holder of a corporation or corporations holding a lease or leases, permit or permits, under the provisions hereof, which, together with the area embraced in any direct holding of a lease or leases, permit or permits, under this Act, or which, together with any other interest or interests as a member of an association or associations or as a stockholder of a corporation or corporations holding a lease or leases, permit or permits, under the provisions hereof for any kind of minerals hereunder, exceeds in the aggregate an amount equivalent to the maximum number of acres of the respective kinds of minerals allowed to any one lessee or permittee under this Act. For the pur- pose of this Act, no contract for development and operation of any lands leased hereunder, whether or not coupled with an interest in such lease, nor any lease or leases owned in common by two or more persons, shall be deemed to create a separate association under this section between or among such contracting parties, or the persons owning such lease or leases in common, but the proportionate interest of each such person shall be charged against the total acreage per- Tota areage held mitted to be held by such person under this Act: Provided, That by two or more per- sons. the total acreage so held in common by two or more persons shall not exceed, in the aggregate, an amount equivalent to the maximum number of acres of the respective kind of minerals allowed to any Interest of optionee one lessee or permittee under this Act. The interest of an optionee under nonrenewable option. under a nonrenewable option to purchase or otherwise acquire one or more oil or gas leases (whether then or thereafter issued), or any interest therein, when taken for the purpose of geological or geophysical exploration, shall not, prior to the exercise of such option, be a taking or holding or control under the acreage limitation pro- visions of any section of this Act. No such option shall be entered into after June 1, 1946, for a period of more than two years, without 954 [60 STAT.