Upon the conclusion of such hearing the City Council shall enter an order denying or granting a permit as it shall deem proper under all the facts. If a permit is granted it shall enter such order as shall be deemed equitable and proper, together with such reasonable requirements as will protect the rights and interests of all interested parties. Such order shall provide that the owners of each parcel or part of said block shall receive his just and equitable share of the royalty from the oil recovered or produced from the block in accordance with the terms of the lease under which the well is drilled, and in the proportion that his acreage bears to the entire block.
('68 Code, § 27.05(e)) (Ord. 3604, passed - - )