§ 1202.101. Standards for reporting and paying royalties.
73 words·~1 min read·
/us/cfr/t30/s§ 1202.101·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Oil volumes are to be reported in barrels of clean oil of 42 standard U.S. gallons (231 cubic inches each) at 60 °F. When reporting oil volumes for royalty purposes, corrections must have been made for Basic Sediment and Water
(BS)and other impurities. Reported American Petroleum Institute
(API)oil gravities are to be those determined in accordance with standard industry procedures after correction to 60 °F. \[53 FR 1217, Jan. 15, 1988\]