§ 30-5-302 — Payment for production; interest on late payments

Wyoming § 30-5-302

• Jurisdiction: Wyoming
• Title 30: Mines and Minerals
• Ch. 5: OIL AND GAS
• Art. 3: PAYMENT FOR INTERESTS IN PRODUCTION

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Any delay in determining any person legally entitled to an
interest in the proceeds from production shall not affect
payments to all other persons entitled to payment. In instances
where payment cannot be made for any reason within the time
limits specified in W.S. 30-5-301(a), the lessee or operator,
purchaser or other party legally responsible for payment shall
deposit all proceeds credited to the eventual interest owner to
an escrow account in a federally insured bank or savings and
loan institution in Wyoming, using a standard escrow document
form approved by the attorney general of Wyoming, which deposit
shall earn interest at the highest rate being offered by that
institution for the amount and term of such deposits. The escrow
agent may commingle monies received into escrow from any one
lessee or operator, purchaser or other party legally responsible
for payment. Payment of principal and accrued interest from such
accounts shall be paid by the escrow agent to all persons
legally entitled thereto within thirty (30) days from the date
of receipt by the escrow agent of final legal determination of
entitlement thereto. If the escrow agent is unable to deliver
the payment to the legally entitled person within three (3)
years from the end of the month in which the escrow agent first
received notice of the person legally entitled to the payment,
the payment shall be considered unclaimed for purposes of W.S.
34-24-101 through 34-24-139. Applicable escrow fees shall be
deducted from the payments.