Issue Date:
Revised Date: 2018-02-16

Legal Citations

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.

Collecting Agencies

Deposit Funds

Note

 Amended by H.B. 1691, 67th Leg., R.S.

USAS Values

Appropriation Year 25
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