Introduced
by
To require companies that enter contracts for to extract oil or gas from state owned lands to assign the state at least a 1/6 royalty interest, and a “working interest” share under which the state would “actively participate” in the exploration for and production of oil or gas, and retain at least 1/3 of the profits, free of all costs, including any royalty. Contracts would also require a firm to indemnify the state from any liability arising out of the operations.
Referred to the Committee on Natural Resources and Environmental Affairs
