HB 543 (BR 1871) - H. Collins
AN ACT relating to oil and gas.
Create a new section of KRS chapter 353 to define " postproduction activities;" unless another method of payment to the contrary is provided for in an oil and gas, lease, contract, or agreement, require that all oil and gas leases, contracts, and agreements to require the payment of royalties or other non-cost bearing interest at the net price actually received at point of first sale after deducting necessary and reasonable costs for post production activities; state the exception to the use of the formula for paying oil and gas royalties and other non-cost bearing interest on a flat or fixed rate amount; create 5 year statute of limitation for an action for breach of lease or contract for payment of oil and natural gas royalties.
HB 543 - AMENDMENTS
HCS - Retain original provisions of HB 543; apply the formula for calculating royalties and other noncost bearing interest to all existing and future oil and gas leases, contracts, and agreements.
HFA (1, H. Collins) - Deletes the separate five-year statute of limitations for actions of breach of any lease or contract for payment of oil and natural gas royalty or other non-cost bearing interest.
Feb 20-introduced in House
Feb 21-to Natural Resources & Environment (H); posting waived
Feb 22-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 23-2nd reading, to Rules; floor amendment (1) filed to Committee Substitute
Mar 1-posted for passage in the Regular Orders of the Day for Friday, March 2, 2007