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This $118 million transaction doubles the Companys present ownership interest in a portion of its Marcellus Shale royalties position (across 475,000 gross unit acres) primarily focused in Washington and Greene counties, Pennsylvania. Herz, Chief Executive Officer of WhiteHawk.
By EDF Blogs By Aaron Wolfe, Ari Pottens , and Scott Seymour EDF economic analysis found that in 2022 oil and gas operators across Alberta wasted $671 million in natural gas, costing the provincial government over $120 million in lost royalties and uncollected corporate taxes.
Accordingly, auditing of royalty payments was left to the Mineral Board’s internal accountants, and when an issue arose as to whether royalty payments were made correctly, the Mineral Board’s land personnel and internal counsel would oversee sending demands and pursuing litigation against the State’s mineral lessees and well operators.
million judgment for reimbursement of mineral royalties. million in mineral royalties attributable to ownership of these banks. As there are no such provisions governing the Crooks plaintiffs’ mineral royalties claims, the legislature has retained its discretion to appropriate funds for those claims. 1/1/23), So.
The Louisiana Legislature’s 2023 Regular Session begins on April 10th, and last Friday, Louisiana Senator Allain of District 21 filed SB 154 proposing to enact a statutory framework directly governing the rights and obligations of parties to renewable energy leases.
by Elisabeth Lorio Baer Interior Secretary Ken Salazar informed Congress on September 17, 2009 that he would kill a controversial program, currently in effect, that allows energy companies to pay the governmentroyalties for drilling on public lands in actual oil and gas in lieu of cash.
With the prevalence of cases involving royalty disputes in Texas, the state’s Supreme Court has never hesitated to address these issues. But the Court’s sporadic holdings regarding royalty clauses, each so specific to the particular language of the lease, have left lessees on unsteady footing. Heritage Resources , 939 S.W.2d
The Associated Press reported today that a federal jury found Kerr McGee liable for additional royalties on crude oil produced from federal properties and sold through Texon. Kerr McGee had denied the allegations and claimed that no additional royalties were owed. Kerr McGee has indicated that intends to appeal the verdict.
Some of these local benefits include the billions paid in royalties to landowners and government entities across Pennsylvania. During the 12 th annual Pennsylvania Oil and Gas Landowner Alliance (POGLA) conference at State College, Welty emphasized the more than $6 billion in natural gas royalties paid in 2022 alone.
Gulf Keystone Petroleum (GKP) has published details of its payments to governments for the year 2024: Introduction This report sets out details of the payments made to governments by Gulf Keystone Petroleum Ltd and its subsidiary undertakings ('Gulf Keystone') for the year ended 31 December 2024 as required under Disclosure and Transparency Rule 4.3A
The Eastland Court of Appeals addressed, for the first time, the interpretation of a double-fraction royalty reservation in light of Van Dyke. centered on whether a 1933 deed reserved a floating 1/4 royalty interest or a fixed 1/32 interest. The case ( Boren Descendants v. Fasken Oil & Ranch, Ltd. , LEXIS 8405, at *1 (Tex.
A 2023 Government Accountability Office report found 24 of the 30 largest U.S. And as Cassotis also told MSC members, royalty payments to the authority area significant source of the funds for the multi-billion-dollar terminal modernization project at PIT. Natural gas isnt just a fuel its the cornerstone of modern energy security.
May 16, 2025), the Texas Supreme Court resolved two significant issues affecting mineral owners and surface owners: (1) who owns the empty caverns created by salt mining operations, and (2) how to calculate royalty payments on produced salt. Despite this substantial production, USM did not pay Myers any royalty. Can a Cavern Be Owned?
The 5-4 decision, authored by Justice Hecht, is the latest in a series of cases from high courts across the country addressing the sharing of “post-production costs” between royalty owners and oil and gas lessees. NationsBank , 939 S.W.2d 2d 118 (Tex.
Title I addresses the existing moratoria, future OCS access, exploration, production and royalty questions. per MMBtu, unless lease royalties were renegotiated with the Secretary , imposes Conservation of Resources Fee on nonproducing lease acreage of $3.75 House of Representatives passed Speaker Pelosi’s Energy Bill, H.R.
. — (2006), the Supreme Court resolved a legal issue that has been at the center of federal royalty litigation for twenty years: viz. 2415(a), which imposes a 6-year statute of limitations for Government “every action for money damages. whether 28 U.S.C. On appeal, the D.C. Amoco Production Co. Watson , 410 F.3d 3d 722 (D.C.
James Boldrick is an assignee of an overriding royalty interest in property subleased to BTA. Boldrick sued BTA and Chevron/Texaco, seeking monetary damages based upon breach of contract, unjust enrichment and conversion, alleging that his share of the overriding royalty interest was being used to benefit the Defendants.
Recently, the Nigerian government demanded more than $60 billion in back royalties under a production sharing agreement with the supermajors operating in the country. The government has been fighting the illicit refineries for years. The government had little choice but to try and negotiate peace with the militants.
By Jonathan Hunter: In a highly anticipated decision, the Tenth Circuit held this week that the district court had subject matter jurisdiction over a qui tam action filed by an MMS auditor concerning royalty payments on crude oil produced from offshore federal leases. The court also ruled that “Mr.
Chevron”), the Plaquemines Parish Government (“PPG”), and others in a dispute with the State of Louisiana over the validity of a 1938 mineral lease granted by the Buras Levee District (“BLD”). On November 21, 2007, the Louisiana Fourth Circuit Court of Appeal affirmed the trial court’s ruling in favor of Chevron U.S.A.,
Additionally, Allegheny County and municipal governments have received nearly $30 million in natural gas tax revenue since 2012, which have been dubbed critical to advancing county-wide economic development. Natural gas is essential to meeting our energy demand and positioning for a thriving economic future, she said.
Jinapor emphasized that the government’s decision to acquire crude oil without relying on dollars through this innovative approach had significantly curtailed the depreciation of the Ghana Cedi, playing a crucial role in bolstering the national economy. Additionally, petrol prices decreased from GHS23 per litre to GHS12 per litre.
UNOCAL also reserved a 3% overriding royalty. 2003) (“the regulations govern the parties’ joint and several liabilities vis-à-vis the Government not amongst themselves”) and Total E&P USA, Inc. UNOCAL assigned operating rights in the leases to ATP, who later assigned 20% of those rights to Sojitz. Parker Drilling Co. ,
Read more 25% royalty rate cap on prime oil and gas land heads to the House Summary : The New Mexico Senate passed Senate Bill 23 in a 21-15 vote, advancing legislation to raise the maximum royalty rate on prime oil and gas land in the Permian Basin from 20% to 25%. The EIA forecasts U.S. crude output to grow from 13.2
1] In the case, a landowner sued its mineral lessees for: (1) failure to provide a recordable act evidencing the expiration of a mineral lease under Mineral Code articles 206-209 and (2) failure to pay royalties under Mineral Code articles 137-140. [2] in unpaid royalties and an additional double damages penalty of $484,058.52
The State regulations that will govern Class VI wells once primacy is achieved are in Statewide Order No. The order creating the unit will also name a unit operator and allocate unit costs in the same proportion that unit production is allocated.
But it wasnt until Premier John Horgans NDP government introduced tax and regulatory incentives in 2018 that Shell and its global partners approved the final investment. billion in provincial natural gas royalties over the next three years (up from just $600 million last year).
Owners of mineral servitudes in Louisiana sued the United States — who claimed a share of the royalties under the earlier settlement agreement — asking the district court to declare that the United States’ mineral servitudes had prescribed under Louisiana law as a result of the lack of qualifying production for a period in excess of ten years.
Instead, the property laws of Texas govern perfection. Oil, gas, and other minerals that have not been extracted from the ground are treated as real property, to which the Texas UCC does not apply. But what about perfection?
T]he opinion will have a most chilling effect on the financing of oil and gas operations, which in turn will have an adverse economic effect on government and business in our state. Tauren Exploration, Inc. , A detailed summary of that decision is available here. Chief Judge Henry Brown, Jr., Bleich.”
The CEQ report noted that royalty rate reduction credits for carbon capture could potentially create financial incentives for investment and recognized the need to address long-term liability after a storage site has been closed.
Brazilian government data (SECEX) from January 16, 2024, shows that Brazil exported about $166.6 Part of the funding for Autazes will come from a royalty agreement with Franco Nevada. That is $1M for the option – the purchase price of the royalty will be based on a 12.5% Which is a BIG advantage!
Disciplined Leadership and Governance: The combined business will continue to be led by the Whitecap executive team, who have a long track record of operational excellence, financial discipline, strong safety performance and are focused on generating strong returns to shareholders.
Important factors that could cause EOGs actual results to differ materially from the expectations reflected in EOGs forward-looking statements include, among others: EOGs ability to complete the proposed Transaction on the proposed terms or anticipated timeline (or at all); risks related to the satisfaction or waiver of the conditions to closing the (..)
of government approvals already in place. The Botswana government owned and operated it then, and despite producing 40 million tonnes over that time, never did much exploration ever—they just used all that cash flow for general revenue. So the government needs all the employment, taxes and royalties from this asset.
Recently, when there was talk about Houston-based ATP Oil and Gas’ (ATP) legal problems, it was inevitably about its bankruptcy and its effort to bring the overriding royalty interests it had conveyed back into the bankrupt estate as debt instruments. See United States v. ATP Oil & Gas Corp. , 955 F.Supp.2d 2d 616 (E.D. See 40 C.F.R.
30:10 governed whether a unit operator may deduct post-production costs against UMO’s share of production proceeds. [3] 30:10, which governs agreements for drilling units and pooling interests in Louisiana. [7] 30:10] simply means that, for all of this, he is given the equivalent of a “no cost” royalty clause on production proceeds.
DRB resident Betty Sutliff testified before the State House Government Committee. Not only does responsible natural gas development bring economic gains like job growth, tax revenues and royalties to landowners, but it also facilitates our states energy security and environmental progress. A roundtable discussion with U.S.
DRB resident Betty Sutliff testified before the State House Government Committee. Not only does responsible natural gas development bring economic gains like job growth, tax revenues and royalties to landowners, but it also facilitates our states energy security and environmental progress. A roundtable discussion with U.S.
which governs notarial acts of correction: A. (1) Article 1920 is the general rule under the Code of Civil Procedure governing the taxation of court costs. 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] However, art.
(BOE Report) –CALGARY The Alberta government says Premier Danielle Smith has been in talks with a multinational oil and petrochemical player about selling two million barrels per month of province-owned heavy oil.
Read more Judge blocks major North Sea oil and gas projects in victory for activists Summary : A UK judge temporarily halted a major oil and gas development in the North Sea, ruling that the government’s environmental impact assessment was insufficient. oil regions.
For Securities questions, please contact John Anjier , and for Corporate Governance, please contact Nina Skinner. Should you have any questions regarding Capital Structuring and Tax please contact John Bradford.
I think everyone is really going to jump back into the Haynesville, said George Whittington, managing partner at Proven Resources, who told Reuters last week the energy investment firm is raising a $25 million fund to acquire mineral and royalty rights in the basin. oilfield.
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