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Utah Code Title 53C. School and Institutional Trust Lands Management Act § 53C-2-410. Shut-in gas wells

Current as of May 05, 2022 | Updated by FindLaw Staff

(1) Under a mineral lease for oil and gas, gas is considered to be produced in paying quantities from a shut-in gas well if the shut-in gas well is capable of producing gas in paying quantities, but the gas cannot be marketed at a reasonable price due to existing marketing or transportation conditions.

(2)(a) The director shall make rules establishing:

(i) a minimum rental or minimum royalty for a shut-in gas well that is considered to be producing gas in paying quantities;  and

(ii) the basis upon which the minimum rental or minimum royalty shall be paid.

(b) The minimum rental or minimum royalty may not be less than twice the annual lease rental.

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Cite this article: FindLaw.com - Utah Code Title 53C. School and Institutional Trust Lands Management Act § 53C-2-410. Shut-in gas wells - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-53c-school-and-institutional-trust-lands-management-act/ut-code-sect-53c-2-410/

Read this complete Utah Code Title 53C. School and Institutional Trust Lands Management Act § 53C-2-410. Shut-in gas wells on Westlaw

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