Bill Text: TX SB402 | 2015-2016 | 84th Legislature | Introduced

Texas Senate Bill 402 (Prior Session Legislation)

Introduced

Bill Title: Relating to the information required to be provided by a payor of proceeds from the sale of oil or gas from an oil or gas well to a payee on the request by the payee.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2015-02-04 - Referred to Natural Resources & Economic Development [SB402 Detail]

Download: Texas-2015-SB402-Introduced.html

	84R4324 JXC-F

	By: Estes	S.B. No. 402



	A BILL TO BE ENTITLED
	AN ACT
	relating to the information required to be provided by a payor of
	proceeds from the sale of oil or gas from an oil or gas well to a
	payee on the request by the payee.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Section 91.402, Natural Resources Code, is
	amended by adding Subsection (d-1) to read as follows:
	(d-1) A payee that receives a division order from a payor in
	compliance with Subsection (c) may request that the payor provide
	to the payee the formula used to calculate the payee's fractional or
	decimal interest in production as stated in the division order, the
	information used to determine the payee's fractional or decimal
	interest in production, or the fractional or decimal interest in
	production of each payee. If the payee's interest in production is
	subject to a pooling or unitization agreement, the payor may comply
	with this subsection by providing to the payee detailed information
	regarding where in the real property records of the county in which
	the well is located the pooling or unitization agreement that shows
	the relevant fractional or decimal calculation formula is recorded.
	The payor must provide the required formula, information, or
	division of interest to the payee not later than the 21st day after
	the date the payor receives the request.
	SECTION 2. The change in law made by this Act applies only
	to a division order issued on or after the effective date of this
	Act. A division order issued before the effective date of this Act
	is governed by the law in effect on the date the division order was
	issued, and the former law is continued in effect for that purpose.
	SECTION 3. This Act takes effect September 1, 2015.