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HomeMy WebLinkAbout7424 - Termination of Unproductive Oil LeasesRESOLUTION NO. 7424 A RESOLUTION OF THE CITY COUNCIL OF THE CITY • OF NEWPORT BEACH SUPPORTING SENATE BILLS 1326 AND 1327 RELATING TO TERMINATION OF UNPRODUCTIVE OIL LEASES WHEREAS, in many parts of this State there are lands devoted to marginal oil production activities, which are located in heavily populated urban areas; and WHEREAS, the management, development, and operation of lands as a unit for the production of oil and gas aids in preventing waste and increases the ultimate recovery of oil and gas; and WHEREAS, due to the language contained in many older oil leases and rights of entry, it is extremely difficult for the owner of the surface rights of lands located in depleted and uneconomic oil fields to proceed to terminate such leases and rights of entry; and WHEREAS, such economic uses and restrictions have had an economic and social blighting effect on important urban areas by preventing the development of land within such areas to its highest and best use; and WHEREAS, Senate Bills 1326 and 1327 have been intro- duced in the State Legislature for the purpose of providing an orderly procedure for the termination of unproductive oil leases and unneeded rights of entry, as well as for unitization under special circumstances; NOW, THEREFORE, BE IT.RESOLVED by the City Council of the City of Newport Beach that the Council strongly supports the enactment into law of Senate Bills 1326 and 1327. ADOPTED this 17th day of May, 1971. ATTEST: o" n City Clerk f C D AS THE RIG _ EACH e 61iY CLERK OF THE CITY OP NEWP BE MAY 21 1978 ®Aral _.._.__. THS:adw 5/11/71