(1.5) Any nonoperating interest owner in an oil or gas well may, on or before the fifteenth day of March each year, submit to the operator by certified mail a report of the actual net taxable revenues received at the wellhead and the actual exempt revenues received at the wellhead by such owner for production taken in kind from the property during the calendar year immediately preceding. Operators shall use the information reported pursuant to this subsection (1.5) to determine the selling price at the wellhead. If any nonoperating interest owner fails to provide to the unit operator the information required under this subsection (1.5) by March 15 of each year, such operator shall use the selling price at the wellhead received by such operator for such operator's share of production from such unit in place of such nonreported information, and the amount of tax for which such nonreporting, nonoperating interest owner is liable shall be calculated based on the selling price at the wellhead reported by the operator.
No representations are made as to the accuracy of the value of any portion of the production from subject property that is taken in kind by any owner other than the undersigned.
Source: L. 64: R&RE, p. 710, § 1. C.R.S. 1963: § 137-7-1. L. 69: p. 1120, § 1. L. 72: p. 570, § 55. L. 81: (1)(c) and (1)(d) amended, p. 1857, § 1, effective January 1, 1982. L. 93: (1)(d) amended and (1)(e) and (2) added, pp. 241, 242, §§ 1, 2, effective March 31. L. 96: Entire section amended, p. 107, § 1, effective March 25. L. 2007: (4) amended, p. 498, § 1, effective April 16. L. 2009: (3)(a) amended, (HB 09-1161), ch. 44, p. 166, § 1, effective August 5. L. 2014: IP(1), (1)(a), and (1)(c) amended, (HB 14-1371), ch. 400, p. 2012, § 1, effective August 6. L. 2020: (4) amended, (HB 20-1077), ch. 80, p. 325, § 10, effective September 14.
Cross references: For perjury in the second degree and the penalty therefor, see §§ 18-8-503 and 18-1.3-501.
Structure Colorado Code
Article 7 - Valuation of Oil and Gas Leaseholds and Lands
§ 39-7-101. Statement of Owner or Operator
§ 39-7-102. Valuation for Assessment
§ 39-7-102.5. Calendar for Notice of Valuation and Appeals
§ 39-7-102.7. Notice of Valuation - Public Record
§ 39-7-103. Surface and Subsurface Equipment Valued Separately
§ 39-7-104. Failure to File Statement
§ 39-7-105. Assessor to Examine Books, Records
§ 39-7-106. False Statement - Penalty
§ 39-7-107. Oil and Gas Lands in More Than One County
§ 39-7-109. Valuation of Severed Nonproducing Oil or Gas Mineral Interests