§ 1206.64. What records must I keep to support my calculations of value under this subpart?
144 words·~1 min read·
/us/cfr/t30/s§ 1206.64·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If you determine the value of your oil under this subpart, you must retain all data relevant to the determination of royalty value.
(a)You must show:
(1)How you calculated the value that you reported, including all adjustments for location, quality, and transportation.
(2)How you complied with these rules.
(b)On request, you must make available sales, volume, and transportation data for production that you sold, purchased, or obtained from the field or area. You must make this data available to ONRR, Indian representatives, or other authorized persons.
(c)You can find recordkeeping requirements in §§ 1207.5, 1212.50, and 1212.51 of this chapter.
(d)ONRR, Indian representatives, or other authorized persons may review and audit your data, and ONRR will direct you to use a different value if they determine that the reported value is inconsistent with the requirements of this subpart.