Royalty payments from gas or oil drilling; property owners whose interest has been force-pooled. (SB1204)
Introduced By
Sen. Phil Puckett (D-Tazewell) with support from co-patron Del. Danny Bowling (D-Oakwood)
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
√ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Royalty payments from gas or oil drilling. Provides that property owners with an interest in oil or gas wells whose interest has been force-pooled shall receive a royalty payment of no less than one-eighth the value of production calculated at the point of the first arms-length sale. Such payment shall not be subject to reduction for operating or other costs. Amends § 45.1-361.21 (“Pooling of interests in drilling units.”), of the Code of Virginia. View Full Text »
Status
02/18/2009: Failed to Pass in Committee
View Bill's History
