RRAC Due Date Calendar

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On Feb. 2, 2010, the School Land Board approved a change in the interest rate that is applied to delinquent royalties.  Per TAC Sec. 9.51, for royalties due on or after Feb. 26, 2010, the interest rate to be applied is set on the first business day of the year the royalty becomes delinquent.  The rate is the Wall Street Journal Prime + 1%.  A new interest rate will be set the first business day of each year.

The WSJ Prime Rate on January 2, 2019 was 5.50%.  Adding 1% makes the 2019 interest rate 6.50%.

This interest rate will be applied to all delinquent royalties that that are due January 1, 2019 through December 31, 2019 (November 2018 through October 2019 production).  Any oil payment not received by the 5th day of the second month succeeding the month of production and any gas payment not received by the 15th day of the second month succeeding the month of production shall be considered delinquent.

If you have any questions about this new rate, please contact the Royalty Reporting and Control (RRAC) Team at glo123@glo.texas.gov or (512) 463-6850. 



Proposed Fall Lease Sale:  TBD

Nominations due by: TBD

Nomination Procedures:  http://www.glo.texas.gov/energy-business/oil-gas/mineral-leasing/leasing/forms/Nom_Proc_OilGas_Lease_Sales.pdf

Contact George Martin at george.martin@glo.texas.gov or call him directly at (512) 475-1512 regarding any nomination questions.


Energy For Public Entities In Texas

The Texas General Land Office, through its State Energy Marketing Program (SEMP), sells natural gas and electricity competitively to public entities lowering their costs and earning money for the Permanent School Fund (PSF).

The Texas Legislature authorized these sales to maximize revenues from the oil and gas royalties earned from state land. SEMP sells natural gas through the State Gas Program and electricity through the State Power Program.

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