When deemed by the board of county commissioners to be in the best interest of the county, any county acting by its board of county commissioners may enter into any unit agreement providing for the pooling or consolidation of acreage covered by any oil and gas lease executed by such county with other acreage for oil and gas exploration, development, and production purposes and providing for the apportionment or allocation of royalties among the separate tracts of land included in such unit agreement on an acreage or other equitable basis, and may by such agreement, with the consent of its lessee, change any and all of the provisions of any lease issued by such county including the term of years for which such lease was originally granted in order to conform such lease to the terms and provisions of such unit agreement and to facilitate the efficient and economic production of oil and gas from the unit lands.
Source: L. 49: p. 327, § 3. CSA: C. 45, § 25(3). CRS 53: § 36-11-3. C.R.S. 1963: § 3611-3.