Colorado Legislative Council Staff

NO FISCAL IMPACT

TITLE:            CONCERNING THE OBLIGATIONS OF PARTIES TO AGREEMENTS FOR THE PAYMENT OF PROCEEDS FROM THE SALE OF OIL AND GAS.

Summary of Assessment

            The provisions of this bill would make changes to the statutory provisions that regulate the payment of proceeds by the Colorado Oil and Gas Commission, Department of Natural Resources, derived from the sale of oil, gas and associated products. The bill would become effective July 1, 1998, and would apply to payments of proceeds derived from sales on and after that date.

            While the provisions of the bill may result in some increased workload by the commission, any increases in workload would be offset by other provisions that clarify the commission’s duties. It is not anticipated that this bill would result in many additional court cases. The provisions of the bill would not affect any other agency of the state, or unit of local government. Therefore, this bill is assessed as having no fiscal impact.

Departments Contacted

            Natural Resources      Judicial Branch