4VAC25-160-90: Standards for escrow accounts

Payment of funds into escrow accounts shall be made in accordance with the standards established in each order of the board requiring such payment. In addition, the unit operator of a drilling unit subject to a voluntary pooling agreement may petition the board under 4VAC25-160-140 for an order authorizing the escrow of funds subject to conflicting claims in accordance with board standards or regulations regarding escrow of such funds in units subject to a compulsory pooling order.

When any gas or oil owner's identity and location remain unknown, the operator may, pursuant to § 45.2-1600 of the Code of Virginia, dispose of the unknown lessor's funds directly with the Department of Treasury Unclaimed Property Division to be held and distributed pursuant to the Virginia Disposition of Unclaimed Property Act (§ 55.1-2500 et seq. of the Code of Virginia).