|
For Immediate
Release
6/6/11
Yaw's Oil and Gas 'Invoice Itemization'
Bill Passes Senate
HARRISBURG – A bill requiring
natural gas producing companies to list production detail and all deductions on
royalty check stubs unanimously passed the full Senate today, according to State
Senator Gene Yaw (R-23).
Senate Bill 460, sponsored by
Yaw, will require companies producing natural gas to show on each check stub,
attachment to a payment form, or other remittance invoice, the total barrels of
crude oil or number of MCF (1,000 cubic feet) of gas purchased or volume of
natural gas liquids sold; the price received per barrel, MCF or gallon; the
total amount of deductions and other production taxes, as well as the interest
owners’ share of the total value of sales prior to any tax or other deduction,
in addition to other items.
“This legislation will
provide clear and concise information regarding payment deductions that impact a
lessee’s overall royalty checks,” Yaw said. “In addition, I have no doubt it
will provide uniformity throughout the industry as royalty payments are
distributed.”
Currently, Pennsylvania does
not require gas companies to list deductions from royalties paid to landowners
on monthly payments.
Senate Bill 460 now moves to
the House of Representatives for consideration.
CONTACT:
Nick Troutman
717-787-3280
|
