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OH HB400
Bill
Status
1/9/2014
Primary Sponsor
John Carney
Click for details
AI Summary
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Oil and gas well owners must provide detailed royalty statements to royalty interest holders with each payment, including on check stubs, payment attachments, or remittance devices.
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Required statement information includes lease/well identification, production month and year, volume of gas or oil sold, price per unit, total field production, taxes paid, deductions, net sales value, holder's royalty percentage, and holder's share of proceeds.
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Gas volumes must be reported in standard cubic feet and oil volumes in standard barrels.
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Well owners must preserve records supporting the required information for at least two years after providing it.
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Royalty holders may request missing information by certified mail; owners have thirty days to respond or face civil action with the prevailing party entitled to recover court costs and attorney's fees.
Legislative Description
To require the owner of an oil or gas well to provide a royalty statement to the holder of the royalty interest when the owner makes payment to the holder.
Oil & gas well owners-provide royalty statement to holder of royalty interest
Last Action
To Agriculture and Natural Resources
1/9/2014