“Truth in Leasing” bill expected to get a hearing later this year

Legislation that would “establish regulations for the oil and gas leasing process and require companies to pay property owners a minimum royalty of 15 percent on oil and gas extracted in the shale plays” has been parked in the House Agriculture and Natural Resources Committee since being introduced in March, Columbus Business First reports (See the Mar 27, 2012, blog – “'Truth in Leasing’ bill introduced to deter deceptive practices by the oil and gas industry”). However, the committee chairman, State Rep. Dave Hall (R-Millersburg), anticipates that the Truth in Leasing Act (H.B. 493), which was introduced by State Reps. Mark Okey (D-Carrollton) and Teresa Fedor (D-Toledo), will in fact get a hearing later this year, the article said. For more, read the full story here.