Texas Government Code 4005.021 – Oil, Gas, or Mining Interests
(a) Subject to Subsection (b), the exemption provided by § 4005.001 applies to the sales of interests in and under oil, gas, or mining leases, fees, or titles, or contracts relating to those interests in which:
(1) the total number of sales by any one owner of interests, whether whole, fractional, segregated, or undivided in any single oil, gas, or mineral lease, fee, or title, or contract relating to those interests, is not more than 35 during a 12 consecutive month period; and
(2) no use is made of advertisement or public solicitation.
(b) If a sale of an interest described by Subsection (a) is made for an owner of the interest by an agent of the owner, the exemption under that subsection applies only if the agent is registered under this title.
Terms Used In Texas Government Code 4005.021
- Contract: A legal written agreement that becomes binding when signed.
- 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. See Texas Government Code 312.011
(c) An oil, gas, or mineral unitization or pooling agreement may not be considered a sale under this title.