Informative Articles

Devon Energy Announces $1 Billion Divestiture Plan

Devon Energy Corp. (NYSE: DVN) announced today its intent to divest approximately $1 billion of upstream assets across its portfolio. The non-core assets identified for monetization include select portions of the Barnett Shale focused primarily around Johnson County and other properties located principally within the company’s U.S. resource base. Devon expects to commence the divestiture program in the second quarter of 2017 and complete the sale process over the next

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

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

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

Pennsylvania Senate Bill 138

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, for payment information to interest owners, for accumulation of proceeds from production and for conflicts and providing for joint ventures and for inspection of records. READ MORE:  http://www.legis.state.pa.us/cfdocs/billInfo/bill_history.cfm?syear=2017&sind=0&body=S&type=B&bn=138

Pennsylvania Senate Bill 139

An Act providing for protection for a lessor of natural gas rights who reports a violation or suspected violation of a contractual agreement and for remedies and penalties. READ MORE:  http://www.legis.state.pa.us/CFDOCS/billInfo/billInfo.cfm?syear=2017&sInd=0&body=S&type=B&bn=139

Pennsylvania Senate Bill 141

An Act amending Title 58 (Oil and Gas) of the Pennsylvania Consolidated Statutes, in development, providing for lease extended by production. READ MORE:  http://www.legis.state.pa.us/cfdocs/billInfo/BillInfo.cfm?syear=2017&sind=0&body=S&type=B&bn=141

Pennsylvania Senate Bill 142

An Act amending Title 58 (Oil and Gas) of the Pennsylvania Consolidated Statutes, in utilization, providing for unconventional oil and gas conservation by consolidating the Oil and Gas Conservation Law with modifications relating to definitions, standard unit order, process, administration, standard of review, hearings and appeals, establishment of units, integration of various interests, lease extension and scope, providing for gas and hazardous liquids pipelines; and making a related repeal. READ