2006 Louisiana Laws - RS 30:137 — Agreements to offset, compensate and recover from future royalties

§137.  Agreements to offset, compensate and recover from future royalties

The State Mineral Board is hereby empowered to enter into agreements with lessees or other parties under state oil, gas and mineral leases or other agreements heretofore or hereafter issued to offset, compensate, and recover from royalty thereafter accruing to the state of Louisiana, amounts equal to any royalty or other payments (all herein called "royalty") which such lessees or other parties have paid to the state, or which are paid to the state as provided for in such agreements, in excess of that to which the state was, is, or may become lawfully entitled because of overpayment or action by the Federal Power Commission; provided, however, that with respect to any royalty based on amounts received by the lessee or other parties for sales of natural gas that may be subject to refund by order or directive of the Federal Power Commission, such agreements may require the immediate payment of such portion of such royalty that is determined to be proper by the State Mineral Board, such payment to be subject to the offsetting, compensation and recovery provisions of R.S. 30:137 to 30:141.

Acts 1963, No. 13, §1.