82-10-104. Payment of royalties -- form of record required. (1) An oil and gas producer paying royalties by check, draft, or order shall include with every payment a form showing the following matters relating to that payment:
(a) the name of the royalty owner to whom the payment is made;
(b) the date of the check, draft, or order;
(c) any royalty owner identification number used by the producer for the royalty owner;
(d) the time period during which production occurred for which payment is being made;
(e) any number used to identify the lease under which production occurred;
(f) the type of product produced;
(g) barrels of oil and cubic feet of gas for which payment is made;
(h) the amount and type of all taxes withheld;
(i) the net value of production;
(j) the royalty owner's net value; and
(k) contact information for obtaining additional information regarding the payment and answers to questions.
(2) In addition to the information required in subsection (1), an oil and gas producer paying royalties to a royalty owner shall, at the time of payment, specify by line item every charge assessed against the royalty owner.
(3) Any person purposely and knowingly violating the provisions of subsection (1) or (2) is guilty of a misdemeanor and upon conviction shall be punished by a fine of not more than $1,000.
History: En. Sec. 1, Ch. 582, L. 1983; amd. Sec. 1, Ch. 19, L. 2005.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.