State Senator Gene Yaw announced on September 27, 2013, that he will be introducing legislation known as the Oil and Gas Lease Protection Package, which will include three bills that aim to expand the rights of landowners who have leased their oil and gas rights. Yaw represents the 23rd District, which includes parts of Bradford, Sullivan, Lycoming, Susquehanna, and Union counties, and he serves as the Chairman of the Environmental Resources and Energy Committee. The first of the three bills allows current royalty interest owners to inspect the relevant gas company records to ensure that they were paid the proper royalty. The second bill prohibits gas companies from retaliating, such as by terminating leases or ceasing development, against royalty interest owners who question the accuracy of royalty payments. The final bill requires that gas companies record a document releasing the gas company's interest in an oil and gas lease within 30 days of the expiration, termination, or forfeiture of an oil and gas lease.
Senator Yaw's Press Release is available at: Senator Yaw's Press Release
Written by: Tom Panighetti
October 1, 2013
No comments:
Post a Comment