| Issue Date: | |
|---|---|
| Revised Date: | 2018-02-16 |
Legal Cites
- Natural Resources Code sec. 32.1072, sec. 34.018, sec. 34.057
Object Type
Cash — Natural Resources
Origin Date
1951 by the 52nd Leg.
Description
A royalty of at least 1/8 of gross production of all oil produced on lands belonging to state departments, boards and agencies (excluding Parks and Wildlife and educational institutions). Shut-in oil royalty is charged on wells capable of production, where oil is not being produced for lack of suitable production facilities or market, in 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.
Note
Amended by H.B. 1691, 67th Leg., R.S.
USAS Values
| Appropriation Year | 24 |
|---|---|
| USAS Title | OIL ROYALTIES FROM OTHER STATE LANDS |
| Receipt Category | 08 – Natural Resources |
| Receipt Type | 80 – Land Income |
| Object Group | 30 – Revenues |
| USAS Status | A |
| Rev/Exp Category | 04 – LAND INCOME |