Texas Education Code
§ 66.68 — MARGINAL PROPERTY ROYALTY RATES
ED § 66.68Title 3. HIGHER EDUCATION · Part C. THE UNIVERSITY OF TEXAS SYSTEM · Ch. 66. PERMANENT UNIVERSITY FUND · Art. D. BOARD FOR LEASE OF UNIVERSITY LANDS
Statute text
View on source(a)In this section:
(1)"Barrel of oil equivalent" means 6,000 cubic feet of natural gas per 42-gallon barrel of crude oil or a volume of gas with a minimum heating value of 6,000,000 British thermal units (6,000 Mbtu), whichever is greater.
(2)"Lease" or "leases" means an oil and gas lease issued or approved by the board that is valid and in force on or after the effective date of this section.
(3)"Qualifying property" means land subject to a lease issued under this subchapter.
(4)"Qualifying reservoir" means a reservoir having an average daily per well production equal to or less than 15 barrels of oil equivalent during a period established by the board by rule and underlying either:
(A)a qualifying property; or
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Legislative history
Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.