Royalty

Dominion, UBS Agree to VPP for 2,900 Producing Gas Wells

Dominion will receive $424.4 million in cash for a fixed-term overriding royalty interest in more than 2,900 producing natural gas wells across the United States under a volumetric production payment (VPP) with UBS Investment Bank that was announced Friday.

March 7, 2005

Dominion, UBS Agree to VPP for 2,900 Producing Gas Wells

Dominion will receive $424.4 million in cash for a fixed-term overriding royalty interest in more than 2,900 producing natural gas wells across the United States under a volumetric production payment (VPP) with UBS Investment Bank that was announced Friday.

March 7, 2005

First Nation Chiefs Threaten to Cancel Gas Leases Without Royalty Payments

Canada’s Stoney First Nation chiefs threatened Tuesday to stop renewing leases for oil and gas companies that operate on their lands unless a Canadian agency collects from the companies more than C$10 million (US$6.4 million) they allege their tribes are owed in royalties. The gas-rich fields located on the Stoney lands include Shell Canada’s Jumping Pound field and the Wildcat Hills field of Petro-Canada. Both companies said Tuesday they would pay their share of royalties, but want the government to resolve the issue.

May 6, 2002

Shell Settles Royalty Dispute with Alabama, Pays State $33 Million

Shell Oil has will pay the state of Alabama $27 million plus another $6.4 million in legal fees to settle accusations the company underpaid natural gas royalties for drilling in state waters. Shell denied any wrongdoing.

March 25, 2002

Tenth Circuit Royalty Decision ‘Major Victory’ for Producers

The oil and natural gas industry scored a “major victory” this month when the Tenth Circuit Court of Appeals ruled that the Department of Interior (DOI) does not have unfettered authority to collect back royalties from producers, but rather is restricted by the statute of limitations that governs all government contract claims.

October 29, 2001

Tenth Circuit Royalty Decision ‘Major Victory’ for Producers

The oil and natural gas industry scored a “major victory” this month when the Tenth Circuit Court of Appeals ruled that the Department of Interior (DOI) does not have unfettered authority in collecting back royalties from producers, but rather is restricted by the statute of limitations that governs all government contract claims.

October 24, 2001

Florida: Focus of Another Bush Battle?

Florida may be at the center of another controversy between the two Bush brothers, but this time it won’t involve a recount, but rather states’ rights versus federal authority – federal authority that through the Clinton administration had favored and supported states’ rights to ban offshore drilling. This time, the brothers could be on opposite sides.

January 22, 2001

Rule Issued for Royalty Valuation on Indian Lands

The Interior Department’s Minerals Management Service (MMS) hasissued a final rule for determining royalties for natural gasproduced on Indian lands. Under the new rule, which was publishedin the Aug. 10 Federal Register, Indian leases would have theoption to either compute royalties on wellhead gas using apublished price index, continue using the existing gross-proceedsmethod for arms-length contracts, or use the current MMS benchmarksystem for non-arms-length sales. If gas is processed, Indiantribes then would adopt a “dual accounting” method under whichroyalties would be based on whichever has the greater value for gas- before processing or after processing. In most cases, it’s thelatter.

August 23, 1999

Rule Issued for Royalty Valuation on Indian Lands

The Interior Department’s Minerals Management Service (MMS) hasissued a final rule for determining royalties for natural gasproduced on Indian lands. Under the new rule, which was publishedin Tuesday’s Federal Register, Indian leases would have the optionto either direct producers to compute royalties on wellhead gasusing a published price index, continue using the existinggross-proceeds method for arms-length contracts, or use the currentMMS benchmark system for non-arms-length sales. If gas isprocessed, Indian tribes then could adopt a “dual accounting”method under which royalties would be based on whichever stage hasthe greater value for gas – before processing or after processing.In most cases, it’s the latter.

August 12, 1999

TIPRO Provides On-Line Job Bank

Aiming at easing the personal pain involved in the oil and gasindustry downturn, the Texas Independent Producers &amp RoyaltyOwners Association (TIPRO) has instituted an Oil and Gas Job Bankat its website www.energyconnect.com.

February 1, 1999
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