Texas Natural Resources Code
§ 32.067 — MARGINAL PROPERTY ROYALTY RATES
NR § 32.067Title 2. PUBLIC DOMAIN · Part C. ADMINISTRATION · Ch. 32. SCHOOL LAND BOARD · Art. C. POWERS AND DUTIES
Statute text
View on source(a)In this section:
(1)"Barrel of oil equivalent" means 6,000 cubic feet of natural gas for each 42-gallon barrel of crude oil or a volume of gas with a minimum heating value of 6,000,000 British thermal units (6,000 Mbtu), whichever is greater.
(2)"Qualifying Gulf of Mexico property" means land described in Section 52.011(2) that is subject to a lease issued under Subchapter B, Chapter 52.
(3)"Qualifying Gulf of Mexico reservoir" means a reservoir that:
(A)during a period established by board rule has an average daily per well production equal to or less than 50 barrels of oil or barrels of oil equivalent; and
(B)underlies:
…
Legislative history
Added by Acts 1995, 74th Leg., ch. 1007, Sec. 1, eff. June 17, 1995. Amended by Acts 1999, 76th Leg., ch. 1300, Sec. 1, eff. Sept. 1, 1999.