By ANDREA LANNOM
CHARLESTON, W.Va. — A bill that allows the development of oil and natural gas resources across adjoining properties if at least three-fourths of the property owners agree, cleared the Senate Committee on Energy Industry and Mining Wednesday.
House Bill 4628 the development in cases where there are more than seven owners and more than 75 percent of the owners consent to development.
The bill also sets payment terms to non-consenting or unlocatable owners of either production of royalty free of post production interest, which would be the highest paid to consenting owners of that same tract; non-consenting owners could choose a second option of being a partner in the production to participate in development and receive a share of the development.
Non-consenting or unlocatable owners would have 45 days to choose one of those options. If they don’t, the first option will be automatically chosen.
The bill now heads to the Judiciary Committee.
Email: [email protected]; follow on Twitter @AndreaLannom
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