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2023), in which it held that lessees owed royalties in excess of their gross proceeds, specifically “adding back” costs incurred by third-party buyers that were enumerated in the sales contract and subtracted from the sales price. The lessees owned working interests in certain oil and gas leases that were executed in 2007. 2d 118 (Tex.
Hunter MMS has announced proposed amendments to its deep gas royalty relief regulations under the Energy Policy Act of 2005. MMS will accept comments on the proposed rule through July 17, 2007. MMBtu expressed in 2006 dollars. Click here to read the Notice.
The court ruled that Interior’s price threshold clauses unlawfully deprived Kerr-McGee of the statutory right to produce minimum volumes of oil and gas royalty-free, as mandated by Congress in the Outer Continental Shelf Deep Water Royalty Relief Act of 1995. CLICK here to view the decision
By Dana Douglas The Louisiana First Circuit Court of Appeal recently held that an operator is not responsible for payment of a non-operator’s royalties and overriding royalties before payout. 2007 WL 1651090 (La. Thus, the non-participant was responsible for payment of its royalty and overriding royalty payments.
4] In 2007, Fossil Operating, Inc. 10] Gloria’s Ranch amended its petition to include a claim for failure to pay royalties on production in Section 15 (from the unit well drilled by Chesapeake). between May 2007 and February 2010. [20] 3] Tauren subsequently assigned a 49% interest in the lease to Cubic Energy, Inc.
07-834, 2007 WL 4409686 (La. 12/19/07), the court addressed the payment of royalties and penalties under Mineral Code article 212.23(c) In exchange, the defendant agreed to transfer an overriding royalty interest in the subject prospect to the plaintiff in the event defendant acquired an interest in the prospect. 31:212.21).
11-06-00029-CV, 2007 WL 865811 (Tex. Eastland March 22, 2007). James Boldrick is an assignee of an overriding royalty interest in property subleased to BTA. BTA sought a declaratory judgment that it has no obligation to account for the overriding royalty interest. BTA Oil Producers , No.
On November 21, 2007, the Louisiana Fourth Circuit Court of Appeal affirmed the trial court’s ruling in favor of Chevron U.S.A., 2007-CA-0673, pp. Ultimately, the Fourth Circuit affirmed the trial court’s finding that the State’s claims were barred by res judicata. State of Louisiana, et al. , 11/21/07).
The revision became effective July 9, 2007. By Joe Giarrusso: In Louisiana, a lawsuit is generally deemed abandoned when the parties fail to take any step in its prosecution for three years. This rule is operative without any formal order. Click here to read the Act.
On December 12, 2007, the district court approved the cy pres distribution but, anticipating an intervention and appeal by the State, set the funds aside rather than immediately distributing them. The District Court decided to distribute the funds to a third party, under the doctrine of cy pres.
In 2007, The Louisiana Commissioner of Conservation granted TMR a permit to drill for minerals on property not owned by Plaintiffs (collectively, the “Hills”). Louisiana Revised Statute 31:210 addresses rental and royalty payments that are owed to parties holding an interest in the leased property when an issue arises as to title.
In 2007, The Louisiana Commissioner of Conservation granted TMR a permit to drill for minerals on property not owned by Plaintiffs (collectively, the “Hills”). Louisiana Revised Statute 31:210 addresses rental and royalty payments that are owed to parties holding an interest in the leased property when an issue arises as to title.
The first tract, which covered 63 acres, was transferred through a series of agreements including an act of exchange and a subsequent cash sale in 2007. [8] 8] However, these agreements did not contain language providing for a mineral reservation to the tract’s original owner. [9] However, art.
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