Kansas Statutes 55-1620. Oil and gas payments to interest owners; information required to be included
Terms Used In Kansas Statutes 55-1620
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Month: means a calendar month, unless otherwise expressed. See Kansas Statutes 77-201
- Payee: means any person or persons, or a court of competent jurisdiction, to whom payment of revenues accrued from the first sale of oil or gas from an oil or gas well located in Kansas should be made, whether the same arises from ownership of the proceeds or an interest in the producing property or a contract right to receive or disburse the payment. See Kansas Statutes 55-1614
- Payment: means the sum to be paid to a payee by a payor arising from payee's interest in a first sale of oil or gas occurring on or after the effective date of this act. See Kansas Statutes 55-1614
- Property: includes personal and real property. See Kansas Statutes 77-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
When a payment is made for proceeds attributable to oil or gas production, the payment shall be accompanied by the following information, or the following information shall be calculable from the information provided with the payment:
(a) The lease, property, or well name or any lease, property, or well identification number used to identify the lease, or well;
(b) the month and year during which the sale occurred for which payment is being made;
(c) the total volume of oil, attributable to such payment, measured in barrels and the total volume of either wet or dry gas, attributable to such payment, measured in thousand cubic feet;
(d) the price per barrel of oil or thousand cubic feet of gas sold;
(e) total amount of state severance and production taxes;
(f) payee‘s interest in the sale expressed as a decimal;
(g) payee’s share of the sale before any deductions or adjustments;
(h) payee’s share of the sale after deductions or adjustments;
(i) an address and telephone number from which additional information may be obtained and any questions answered.