TO INCREASE THE AMOUNT OF THE BOND REQUIRED UPON REGISTRATION IN ORDER TO DRILL FOR OIL OR NATURAL GAS IN THE STATE.
Senate committee substitute makes the following changes to 4th edition. Amends Article 27 of GS Chapter 113 by enacting a new Part 3, Landowner Protection, to establish provisions for the protection of landowners relative to leases for oil and gas exploration. Specifies notice requirements, compensation for damages, and maximum lease terms. Provides that new Part 3 applies to leases or contracts, and amendments to leases or contracts, entered into on or after June 15, 2011. Makes conforming changes to GS 113-389, adding definitions for the following terms as used in proposed Part 3: (1) oil and gas developer or operator, (2) oil and gas operations or activities, and (3) surface owner. Makes a conforming change to the bill title.
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