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Another Look at Recent Rulings by WV Supremes re Royalty Deductions

Marcellus Drilling News

The West Virginia Supreme Court recently issued two 3-2 decisions reinforcing that oil and gas producers generally cannot deduct post-production costs from royalty payments to mineral owners unless lease agreements explicitly permit such deductions. BB Land LLC on “in-kind” royalty.

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Oil Firms Brace for Impact as Brazil Revamps Tax Benchmark

OilPrice

Brazil has revised its rules for setting the reference price for crude oil produced in the country in a bid to boost government revenues from royalties paid by oil companies operating in Brazil. The new rules will take effect from September, affecting royalty distribution in November.

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WV Supremes Rule on “In-Kind” Royalties & Post-Production Deductions

Marcellus Drilling News

In April, MDN told you that the West Virginia Supreme Court was scheduled to hear oral arguments in two important oil and gas royalty cases (see WV Supremes Hear Oral Arguments in 2 Important O&G Royalty Cases). One of those two was Kaess v. BB Land LLC, a case we were not previously aware of.

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WV Supreme Court Grants Landowners Second Major Win in a Week

Marcellus Drilling News

In April, MDN told you that the West Virginia Supreme Court was scheduled to hear oral arguments in two important oil and gas royalty cases (see WV Supremes Hear Oral Arguments in 2 Important O&G Royalty Cases). Earlier this week, MDN reported the WV Supreme Court had ruled on the first of the two cases,

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Canada’s PrairieSky reports 8% y/y jump in Q2 oil royalty production

BOE Report

Overview * PrairieSky Q2 oil royalty production rises 8% yr/yr, setting a record high * Funds from operations fell 9% yr/yr due to lower US$ WTI pricing * Company repurchased 84,020 shares Outlook * Company expects royalty production from Duvernay wells in West Shale Basin in Q3 * PrairieSky anticipates continued annual oil royalty production [Read (..)

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Diamondback subsidiary Viper acquires Sitio Royalties in $4.1 billion deal

Permian Basin Oil and Gas Magazine

Midland-based Viper Energy, subsidiary of Diamondback Energy, said Tuesday it agreed to acquire Sitio Royalties in an all-equity transaction valued at $4.1 Viper is now clearly a must-own public mineral and royalty company in North America with attractive size and scale in the Permian Basin.” The agreement, which includes Sitio’s $1.1

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Rising Phoenix Capital expands Midland basin footing with strategic acquisition

Oil & Gas 360º

(World Oil) – Rising Phoenix Capital, an investment firm specializing in oil and gas mineral royalty acquisitions, today announced a new strategic acquisition in the Midland basin.