Oklahoma SB1003 Royalty Proceeds to be paid within 9 months of first sales (was 6 months) SB1524 Requires submission of a properly executed division order for payment of funds; sets the interest rate at 12% This bill updates statutory language related to royalty payments in the State of Oklahoma. This bill revises the language of the Production Revenue Standards Act 52 O.S. 2021, Sections 570.10 and 570.11. It requires a properly executed division order for payment to be remitted to persons legally entitled thereto. It removes the interest rate of 6% for unmarketable title and leaves the 12% annually compounded rate in place. Interest will not accrue if the proceeds are subject to any of the following conditions: a. the owner legally entitled to the proceeds has not requested in writing to the person holding revenue or proceeds from the sale of production that interest be paid, b. the proceeds have been paid to any state, county, or municipal government or agency thereof under any act governing unclaimed or abandoned property including but not limited to Section 552 et seq. of this title and Section 651 et seq. of Title 60 of the Oklahoma Statutes, c. the proceeds are held in suspense by the producing owner, operator, or first purchaser due to the filing of an oil and gas lien pursuant to Section 144 et seq. of Title 42 of the Oklahoma Statutes, d. the person legally entitled to the proceeds has not submitted a properly executed division order in accordance with Section 570.11 of this title, or e. the title is not free from apparent defects, grave doubts and litigious uncertainty, and does not consist of both legal and equitable title fairly deducible of record. If any of the above are cured, then payment of proceeds are due by the last day of the succeeding month. The bill further outlines what will be contained in a division order. If successful, this will become effective November 1, 2022.
Pennsylvania HB1144 SB534 Conventional Oil and Gas Wells Act HB1763 Amending the Oil and Gas Lease Act to add a definition for “Royalty” SB806 Natural Gas Royalty Interest Transparency (Provides new Check Stub Requirements) South Carolina H4804 Creates the State Energy Office Washington SB5531 Revises the Uniform Unclaimed Property Act West Virginia HB2132 Related to horizontal well control standards. The bill prohibits the disturbance of a well site be no closer than 1,500 feet of an occupied dwelling. SB56 Outlines requirements for Orphan Well Prevention HB2081 Creates a withholding tax for nonresident mineral owners HB2725 Funding of the Office of Oil and Gas of the Department of Environmental Protection and adding a $100/year fee for wells SB480 Establishes a fee of $100 for each well producing more than 10 MCF/d HB3051 Directs the Secretary of the Department of Environmental Protection to adopt rules with respect to the standardization of leases, deeds or contracts relating to oil and gas HB2853 Establishes standards for shallow horizontal drilling units
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G r o w t h T h r o u g h E d u c a t i o n - J u l y / A u g u s t / S e p t e m b e r 2 0 2 1
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