Delegate Terry Kilgore
GATE CITY — Delegate Terry Kilgore announced plans this week to introduce legislation in the Virginia General Assembly next year that will address the disbursement of millions of dollars in natural gas royalties that are currently held in escrow.
The Gate City Republican said the legislation is needed to clear up confusion regarding the approximately $30 million in royalty funds being held in an escrow account for more than 1,000 Southwest Virginians who own property with coalbed methane deposits. Nearly all of the commonwealth’s natural gas deposits are located in Buchanan, Dickenson, Lee, Russell, Scott, Tazewell and Wise counties.
The escrow account holding the funds was created in 1990 by the Virginia Gas Act.
Kilgore said on Tuesday that he has asked Legislative Services to draft a bill that will allow the escrow funds for natural gas royalties to be released by the end of next year.Read more in Thursday’s print edition of the Times-News or in the expanded electronic edition.