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Committee backs oil-and-gas owners'lien bill to protect royalty and producer payments
Senate Agriculture, Forestry & Economic Development Committee · March 2, 2021
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Summary
HB 1273, presented by Representative Stuart Smith and attorney Blair Arnold, would give royalty owners and producers lien protection in certain bankruptcy scenarios. Arnold cited an Oklahoma bankruptcy involving a company called CMO that left producers across states unpaid.
Representative Stuart Smith and attorney Blair Arnold presented HB 1273 as an "oil and gas owners lien act" designed to protect landowners and royalty owners when a well operator or purchaser becomes bankrupt or enters receivership. Arnold said the bill would create a legal mechanism to protect…
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