Illinois Oil and Gas Advisory BoardBy Craig R. HedinMarch 2025The Illinois Oil and Gas Advisory Board held its quarterly meeting on January 23, 2025. The following is a summary of reports and actions conducted at the meeting.
IPRB Releases 2024 Illinois Oil ProductionBy Craig R. HedinMarch 2025The Illinois Petroleum Resources Board through its Executive Director, Seth Whitehead, has released the volumes of crude oil production in the State of Illinois for 2024. Production of oil in Illinois has been somewhat static since 1997.
LAWPAC Needs You!March 2025The Illinois Lawyers’ Political Action Committee (LAWPAC) needs your help to fulfill its mission to support the legislative goals of the ISBA and Illinois’ legal community.
Senate Bill Addresses Bonding Requirements for WellsBy Craig H. HedinMarch 2025Senate Bill 2463 was introduced on February 7, 2025, to amend 225 ILCS 725/6 of the Illinois Oil and Gas Act as to the amounts required as a bond for plugging obligations and other matters. The current Act provides that permittees who have not paid well fees for two consecutive years shall submit to the Department a bond to cover the costs of plugging a well and restoring the well site in an amount not to exceed $5,000.00 or as determined by the Department by rule or submit a blanket bond not to exceed $100,000.00 for all wells. In the alternative to a surety bond, an applicant may provide cash, a certificate of deposit, or an irrevocable letter of credit. Once the applicant has paid well fees for two consecutive years, the bond or letter of credit is released, or the certificate of deposit funds is returned.
Update on Status of Corporate Transparency ActBy Craig R. HedinMarch 2025On March 21, 2025, FinCEN issued an interim final rule that removes U.S. entities from the definition of “reporting company” and added a new exemption to expressly exempt U.S. entities from the reporting requirements of the CTA.
