84R4324 JXC-F
By: Paddie H.B. No. 3068
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.