§ 14-38-1-26 — Royalties

Indiana § 14-38-1-26

• Jurisdiction: Indiana
• Art. 38: OTHER PETROLEUM REGULATION
• Ch. 1: Petroleum Exploration on State Property

Text

(a) This section applies when a royalty is
required to be paid under this chapter:
(1) for oil, at the option of the commission:
(A) at the mouth of the wells into tanks provided by the
commission; or
(B) into the pipeline with which the wells are connected, to the
commission's credit; and
(2) for gas, including casinghead gas or other gaseous substance.
(b) The lessee shall account to the commission for the market value
of the oil or gas at the well for all that is sold by the lessee or used by
the lessee in the manufacture of gasoline or other products. At the
election of the commission, instead of delivering the royalty, when oil
in kind, the lessee shall purchase the oil at the oil's market value at the
well when produced.
[Pre-1995 Recodification Citation: 14-4-3-22.]

Legislative History

As added by P.L.1-1995, SEC.31.