On March 3, 2010, legislators met in Richmond, VA to discuss the freeing of more than $25 million of gas royalties that are stuck in state-controlled escrow accounts.
According to The Bristol Herald Courier, “The millions in escrow come mostly from the production of coalbed methane gas, and belong to thousands of people whose mineral rights the state has leased to private energy corporations against their will or without their knowledge. Virginia law provides two ways for mineral owners to recover royalties from escrow: sue to prove ownership, or split the money with someone else who claims it.”
Currently there are three bills in question, one of which was recently sponsored by Delegate Terry Kilgore, R-Gate City. Kilgore’s bill has been introduced with the intent of prying the royalties out of escrow but has not come without criticism. Some of those familiar with the bill are concerned that corporations could haul landowners into binding arbitration against their will and leverage their legal muscle to prevail even when precedent tilts against them.
To learn more about this issue, please visit the following website:
Bristol Herald Courier – Series of Articles
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