Enrolled Bill Summary

House Bill 3696 amends the Natural Resources Code to provide that a lessee intending to transfer an oil and gas lease must have the written consent of the commissioner of the General Land Office. The act provides that the commissioner may not withhold the consent unreasonably. The commissioner is authorized to require the transferee to demonstrate that it has the fiscal responsibility to discharge its obligations under the lease and to require the transferee to post a bond or provide other security to secure those obligations if the transferee is unable to demonstrate such financial responsibility to the commissioner's satisfaction.