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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 on the request by the 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) A payee that receives a division order from a payor in |
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compliance with Subsection (c) may request that the payor provide |
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to the payee the formula used to calculate the payee's fractional or |
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decimal interest in production as stated in the division order, the |
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information used to determine the payee's fractional or decimal |
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interest in production, or the fractional or decimal interest in |
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production of each payee. If the payee's interest in production is |
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subject to a pooling or unitization agreement, the payor may comply |
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with this subsection by providing to the payee detailed information |
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regarding where in the real property records of the county in which |
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the well is located the pooling or unitization agreement that shows |
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the relevant fractional or decimal calculation formula is recorded. |
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The payor must provide the required formula, information, or |
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division of interest to the payee not later than the 21st day after |
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the date the payor receives the request. |
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SECTION 2. The change in law made by this Act applies only |
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to a division order issued on or after the effective date of this |
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Act. A division order issued before the effective date of this Act |
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is governed by the law in effect on the date the division order was |
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issued, and the former law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2015. |