Section 6E: Mineral proceeds; abandonment
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Section 6E.
(a)Mineral proceeds includes all obligations to pay resulting from the production and sale of minerals, including net revenue interests, royalties, overriding royalties, production payments, and joint operating agreements.
(b)All mineral proceeds that are held or owing by the holder and that have remained unclaimed by the owner for longer than three years after they become payable or distributable and the owners underlying right to receive those mineral proceeds are presumed abandoned.
At the time any owners underlying right to receive mineral proceeds is presumed abandoned under this section, any mineral proceeds then held for or owing to the owner as a result of the underlying right and any mineral proceeds accruing after that time as a result of the underlying right and not previously presumed abandoned are presumed abandoned.