Dormant Oil and Gas Act Law and Legal Definition
The Dormant Oil and Gas Act (Act) is a state statute enacted by the Pennsylvania legislature. The Act facilitates the development of subsurface properties. The Act also helps in reducing problems caused by fragmented and unknown ownership of oil and gas interests. The Act provides for the protection of interests of unknown owners of oil and gas.
The Act also provides for the creation of a trust for the benefit of certain owners of interests in oil and gas and also authorizes a trustee to enter into leases of interests in oil and gas
The statute codified under 58 P.S. § 701.6 explains that any lessee or other person who pays bonuses, rental payments, royalties and other income due to unknown owners to a trustee shall not be liable for further claims by unknown owners for any other income produced from oil and gas interests subject to the trust.
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