This act [70-10-1 to 70-10-3, 70-10-4, 70-10-5 NMSA 1978] may be cited as the “Oil and Gas Proceeds Payment Act”. History: Laws 1985, ch. 55, § 1. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — 38 Am. Jur. 2d Gas and Oil §§ 77, 86, 91, 141, 189 et seq. Oil and gas royalty […]
As used in the Oil and Gas Proceeds Payment Act: A. “oil and gas” means crude oil, natural gas, casinghead gas, condensate or any other related hydrocarbons; B. “oil and gas proceeds” means all payments derived from oil and gas production from any well located in New Mexico, whether royalty interest, overriding royalty interest, production […]
The oil and gas proceeds derived from the sale of production from any well producing oil, gas or related hydrocarbons in New Mexico shall be paid to all persons legally entitled to such payments, commencing not later than six months after the first day of the month following the date of first sale and thereafter […]
A. The operator or lessee arranging for the sale of oil and gas shall furnish the payor with the name, the address and the percentage of interest of each person to whom payment is to be made, as well as proof of marketable title to all of the oil and gas to be sold. B. […]
A. 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 payments. In instances where payments cannot be made within the time period provided in Section 70-10-3 NMSA 1978, the payor shall create a suspense account on his books […]
If a payor fails to make payment to the person entitled to payment within the period provided in Section 70-10-3 NMSA 1978 and after the payor has been furnished with the information required by Section 70-10-3.1 NMSA 1978, the payor shall pay the person the unpaid amount of the payment and in lieu of the […]
The prevailing party in any proceedings brought pursuant to the Oil and Gas Proceeds Payment Act shall be entitled to recover all court costs and reasonable attorneys’ fees. History: 1978 Comp., § 70-10-6, enacted by Laws 1991, ch. 235, § 5.
