| Issue Date: | |
|---|---|
| Revised Date: | 2018-02-16 |
Legal Cites
- Natural Resources Code sec. 52.022, sec. 52.024
Object Type
Cash — Natural Resources
Origin Date
1919 by the 36th Leg.
Description
Lease of Public School and Gulf Lands
The board may lease to any person for the production of oil and natural gas: islands, saltwater lakes, bays, inlets, marshes and reefs owned by the State within tidewater limits; the portion of the Gulf of Mexico within the jurisdiction of the state; and all unsold surveyed and unsurveyed public school land. Oil and gas shall only be leased together and shall be leased separately from other minerals. In addition to the cash amount bid for a lease, the area included in the lease shall be leased for not less than 1/8 of the gross production of oil produced and saved or its value and not less than 1/8 of the gross production of gas produced and sold off the area or its value, plus an amount determined by the Board, until production is secured. Permanent School Fund gets amounts received from unsurveyed school land and 2/3 of the amount received from other areas. General Revenue gets the remaining 1/3 of the payments from the other areas.
Lease of Riverbeds and Channels
The riverbeds and channels belonging to the state are subject to development by the state and to lease or contract for recovery of oil and gas. In addition to the cash amount bid for a lease, the board shall lease the area for not less than 1/8 of the gross production of oil produced and saved or its value and not less than 1/8 of the gross production of gas produced and sold off the area or its value plus an amount determined by the Board until production is secured. Shut-in gas royalty charged on wells capable of production, where gas is not being produced for lack of suitable production facilities or market, in an amount equal to twice the annual rental provided on the lease but no less than $1,200 a year for each well capable of producing in paying quantities.
Due Date
On or before the 15th day of the second month succeeding the month of production.
Collecting Agencies
- 305 – General Land Office for the Permanent School Fund Corporation, Agency 706
Deposit Funds
Note
Amended by H.B. 1691, 67th Leg., R.S.
USAS Values
| Appropriation Year | 24 |
|---|---|
| USAS Title | GAS ROYAL-LAND EDUCATION INSTS |
| Receipt Category | 08 – Natural Resources |
| Receipt Type | 80 – Land Income |
| Object Group | 30 – Revenues |
| USAS Status | A |
| Rev/Exp Category | 04 – LAND INCOME |