Landnews

Texas School Land Board Policy Updates

  • 1.  Texas School Land Board Policy Updates

    Posted 04-23-2020 16:17
    On April 21, Texas Land Commissioner George P. Bush announced the Texas School Land Board unanimously approved policies to work with operators to mitigate the oil and gas crisis. The policies delegate  “the Land Commissioner the authority to grant up to a six-month extension on all drilling commitments, when it’s deemed to be in the state’s best interest, made by lessees of permanent school fund property during 2020, and a 90-day tolling on calculations for enforcing lease terminations for halting of production or failure to produce in paying quantitiesAdditional actions include adopting a policy addressing a waiver of penalties and interest on late royalty payments submitted from April 1, 2020 through June 30, 2020 in light of the current oil and gas crisis facing the nation.” The Texas School Land Board is the state agency that oversees oil, gas and mineral acreage owned by the Permanent School Fund. Read more.

    Original source: https://www.glo.texas.gov/the-glo/news/press-releases/2020/april/commissioner-bush-school-land-board-act-to-mitigate-oil-and-gas-crisis-adopts-waiver-policy.html

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    Russell Cohen
    AAPL Governmental Affairs
    rcohen@landman.org
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