"Mineral proceeds" defined
Sec. 12. As used in this chapter, "mineral proceeds" means
proceeds currently payable and unclaimed and, upon the
abandonment of those proceeds, all proceeds that would have
become payable, including the following:
(1) Obligations to pay resulting from the extraction, production,
or sale of minerals, including the following:
(A) Net revenue interests.
(B) Royalties.
(C) Overriding royalties.
(D) Extraction and production payments.
(E) Joint operating agreements.
(F) Pooling arrangements.
(2) Obligations for the acquisition and retention of a mineral
lease, including the following:
(A) Bonuses.
(B) Delay rentals.
(C) Shut-in royalties.
(D) Minimum royalties.
As added by P.L.2-2002, SEC.19.
Last modified: May 24, 2006