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1999 SESSION
HB 1921 Coalbed methane; pooling orders.
Introduced by: Clarence E. Phillips | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Coalbed methane; pooling orders. Clarifies how funds may be withdrawn from the escrow account established when the Virginia Gas and Oil Board enters an order pooling all interests in a coalbed methane gas drilling unit. The Board must order payment from the account within 30 days of receiving notification of a court decision adjudicating the ownership of the coalbed methane or an agreement between the claimants owning conflicting estates. The amount to be paid to the conflicting claimants shall be determined based on the percentage of ownership interest of the conflicting claimants as shown in the operator's supplemental filing made part of the pooling order that established the escrow account, the operator's records of deposits attributable to those tracts for which funds are being requested, and the records of the escrow account for the coalbed methane gas drilling unit.
SUMMARY AS PASSED HOUSE:
Coalbed methane; pooling orders. Clarifies how funds may be withdrawn from the escrow account established when the Virginia Gas and Oil Board enters an order pooling all interests in a coalbed methane gas drilling unit. The Board must order payment from the account within thirty days of receiving notification of a court decision adjudicating the ownership of the coalbed methane or an agreement between the claimants owning conflicting estates. The amount to be paid to the conflicting claimants shall be determined based on the percentage of ownership interest of the conflicting claimants as shown in the operator's supplemental filing made part of the pooling order that established the escrow account, the operator's records of deposits attributable to those tracts for which funds are being requested, and the records of the escrow account for the coalbed methane gas drilling unit.
SUMMARY AS INTRODUCED:
Coalbed methane; pooling orders. Clarifies how funds may be withdrawn from the escrow account established when the Virginia Gas and Oil Board enters an order pooling all interests in a coalbed methane gas drilling unit. The Board must order payment from the account within thirty days of receiving notification of a circuit court decision adjudicating the ownership of the coalbed methane or an agreement between the claimants owning conflicting estates.