BLM makes changes to oil and gas regs |

BLM makes changes to oil and gas regs

As directed by the Energy Policy Act of 2005, the Bureau of Land Management Friday published changes to its oil and gas leasing regulations relating to acreage and lease reinstatements. The regulations explain the types of lease holdings that are exempt from acreage limits. They also change the time for companies to file for a lease reinstatement from 15 to 24 months.The Mineral Leasing Act of 1920 limits the amount of acreage a federal oil and gas leasee may hold in any one state to 246,080 acres. The law also exempts types of acreage from that limit. The Energy Policy Act expanded the list of exempted acreage to include producing leases and those in which oil and gas companies jointly administer multiple leases for operation and production. The act also exempts from acreage limits leases for which royalty was paid in the preceding calendar year.The Energy Policy Act also amends the mineral leasing law by extending from 15 to 24 months the maximum amount of time oil and gas leasees can petition to have their leases reinstated when those leases were rescinded for non-payment of rent. The new regulation applies to leases terminated after Aug. 8, 2005, the date when the Energy Policy Act became law.

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