Oil and gas production bill regulates filing requirements, authority of the department, confidentiality, pooling orders, surface damage negotiation.

This bill regulates oil and gas production by modifying filing requirements, the authority of the department, confidentiality, pooling orders, surface damage negotiation, tax imposition, and jurisdiction. It requires yearly filings from oil and gas producers and allows the department to establish exploratory spacing units. The bill mandates negotiations for surface damage and sets a severance tax at 6% of the fair market value of oil or gas upon extraction.

Oil and gas production bill regulates filing requirements, authority of the department, confidentiality, pooling orders, surface damage negotiation.

This bill regulates oil and gas production by modifying filing requirements, the authority of the department, confidentiality, pooling orders, surface damage negotiation, tax imposition, and jurisdiction. It requires yearly filings from oil and gas producers and allows the department to establish exploratory spacing units. The bill mandates negotiations for surface damage and sets a severance tax at 6% of the fair market value of oil or gas upon extraction.