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A BILL TO BE ENTITLED
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AN ACT
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relating to the information required to be provided by a payor of |
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proceeds from the sale of oil or gas from an oil or gas well to a |
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payee. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 91.402, Natural Resources Code, is |
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amended by adding Subsection (d-1) to read as follows: |
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(d-1) The division order or a separate statement provided to |
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the payee by the payor must describe the method used to calculate |
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the fractional or decimal interest in production of the payee as |
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stated in the division order and include the calculation of the |
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payee's interest. If the payee is a royalty interest owner, the |
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payee's fractional or decimal interest in production must be |
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calculated by dividing the number of mineral acres owned by the |
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payee by the number of acres in the drilling or spacing unit for the |
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well and multiplying that amount by the royalty required to be paid |
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under the lease. |
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SECTION 2. This Act takes effect September 1, 2013. |