|Posted:||December 21, 2012 04:18 PM|
|From:||Representative Robert W. Godshall|
|To:||All House members|
|Subject:||Creation of a Trust for Interests in Oil & Gas Leases (Former HB 1707)|
|I plan to re-introduce legislation to give property owners who do not own the oil and gas rights beneath their land an opportunity to purchase those rights when the owner of the oil and gas estate cannot be identified or located.
My bill will amend the Dormant Oil and Gas Act to allow landowners to petition the court of common pleas to hold an unknown or non-locatable owner’s oil and gas estate in a trust to allow the surface owner to purchase those rights. The bill sets the standards for determining the market value of the oil and gas rights, and upon sale of the oil and gas rights to the surface owner, it would hold the proceeds of the sale in trust for the unknown or non-locatable owner. The landowner would then be able to lease the oil and gas rights for development.
My legislation will help landowners regain ownership of the oil and gas rights underlying their properties. Doing so will encourage the development of the Commonwealth’s substantial shale gas reserves and permit landowners to participate fully in the economic benefits of that would be derived from that development.
Former Co-sponsors: BLOOM, BURNS, GEIST, GERGELY, HESS, MARSHALL, MILLARD, MIRABITO, READSHAW, STABACK, SWANGER, WHITE, YOUNGBLOOD, TALLMAN, MURT, MILLER, CREIGHTON and QUINN
Introduced as HB96