March 2017

Pennsylvania House Bill 557 - Guaranteed Minimum Royalty Act

An Act amending the act of July 20, 1979 (P.L.183, No.60), known as the Oil and Gas Lease Act, further providing for definitions; and providing for minimum royalty for unconventional oil or gas well production and for remedy for failure to pay the minimum royalty on unconventional oil or gas wells. Read More:  http://www.legis.state.pa.us/CFDOCS/billInfo/BillInfo.cfm?syear=2017&sind=0&body=H&type=B&bn=557

Kentucky HB539, 17RS - AN ACT relating to notaries public.

Create new sections of KRS Chapter 423 to define various terms; limit the applicability to notarial acts performed on or after the effective date of this Act; allow a notarial officer to perform a notarial act in Kentucky; outline requirements for certain notarial acts; require a personal appearance before a notarial officer; specify the requirements of identifying an individual before a notarial officer; allow a notarial officer to refuse to

Pioneer Natural Resources Company Announces Sale of Northeastern Martin County Acreage for $266 Million

Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that it has signed a purchase and sale agreement with an undisclosed buyer to sell its previously-announced acreage package in northeastern Martin County, Texas, for $266 million, subject to normal closing adjustments. The sale is effective January 1, 2017. Current net production is approximately 1,500 barrels oil equivalent per day. The northeastern Martin County acreage sale, when combined with

CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES THE ACQUISITION OF WORKING INTEREST IN THE ATHABASCA OIL SANDS PROJECT AND OTHER OIL SANDS ASSETS CALGARY, ALBERTA

Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces that it entered into agreements, subject to regulatory approvals, to acquire 70% of the Athabasca Oil Sands Project (“AOSP”), including 70% of the Scotford upgrader, as well as additional working interests in other producing and non-producing oil sands leases. Canadian Natural has agreed with Shell Canada Limited and certain subsidiaries (“Shell”) to acquire its 60% working interest in the AOSP

PENGROWTH ANNOUNCES SALE OF BERNADET MONTNEY LANDS FOR $92 MILLION

Pengrowth Energy Corporation (TSX:PGF)(NYSE:PGH) today announced that it has entered into an agreement for the sale of its non-producing Montney lands at Bernadet in North East British Columbia for cash consideration of $92 million. The Bernadet asset encompasses 36.6 sections (100 percent working interest) of land with no associated production, cash flow and neither reserves or resources assigned to it in Pengrowth’s December 31, 2016 year-end reserve report. The sale

Successful Gulf of Mexico Lease Sale Yields $275 Million in High Bids on 913,542 Acres in Central Planning Area

U.S. Secretary of the Interior Ryan Zinke today announced that Lease Sale 247 for oil and gas parcels in the Gulf of Mexico garnered $274,797,434 in high bids for 163 tracts covering 913,542 acres in the Central Planning Area of the Outer Continental Shelf offshore Louisiana, Mississippi, and Alabama. A total of 28 offshore energy companies submitted 189 bids. The sum of all bids received totaled $315,303,884. “Today’s strong sale

Shell divests Gabon onshore interests

The purchaser will also assume debt of US$285 million as part of the transaction. The purchaser will make additional payments up to a maximum of US$150 million depending on production performance and commodity prices. The transaction will result in an impairment charge of $53 million post tax which will be taken in Q1 2017. This transaction consists of all of Shell’s onshore oil and gas operations and related infrastructure in

Marathon Oil Announces $700 Million Northern Delaware Acquisition

Marathon Oil Corporation (NYSE: MRO) announced today the signing of a definitive agreement to acquire approximately 21,000 net surface acres largely in the Permian’s Northern Delaware basin of New Mexico from Black Mountain Oil & Gas and other private sellers for $700 million in cash, excluding closing adjustments. “Today’s 21,000 acre bolt-on in the Northern Delaware is an excellent fit with the basin entry acquisition we announced earlier this month.

Texas HB2713 - Railroad Commission of Texas to conduct an audit of any unpaid oil or gas royalties

A BILL TO BE ENTITLED AN ACT relating to an audit by the comptroller of unpaid oil and gas royalties held in trust by the Railroad Commission of Texas. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. (a) The comptroller shall conduct an audit of any unpaid oil or gas royalties held in trust by the Railroad Commission of Texas. (b) Not later than January

West Virginia House Bill 2777

Requiring all unclaimed oil and gas royalties due a leaseholder of the mineral estate shall be transferred and paid to the legal surface owner. Read More:  http://www.legis.state.wv.us/Bill_Status/bills_history.cfm?year=2017&sessiontype=RS&input=2777