A recent law passed through the house in Colorado that will require property sellers to disclose possible third-party mineral rights ownership. That will include oil, gas, coal, and other minerals.
In Colorado, minerals are often severed and this law would require that buyers be made aware that there is a possibility someone else owns the minerals.
This act will apply to contracts made on or after the later of the applicable effective date or January 1, 2014.
The bill passed at the end of March and was introduced to the Senate in early April 2013.
You can read the full bill at www.leg.co.state.us
QEP Resources has reached a $115 million settlement in a class action lawsuit filed by royalty owners in the state of Oklahoma. The class action lawsuit was filed on behalf of QEP’s Oklahoma royalty owners asserting claims related to royalty valuations related to wells QEP operated or from which it marketed the gas.
The Settlement provides a cash payment from QEP to the class in the amount of $115 million in exchange for a full release of claims regarding the calculation, reporting and payment of royalties from the sale of natural gas and its constituents prior to February 28, 2013.
The settlement agreement also includes an updated methodology for the calculation and payment of future royalties for the life of those leases.
You can read the full filing at sec.gov