Yates Petroleum settles allegations over royalties

Posted at: 01/04/2013 4:00 PM
By: The Associated Press

DENVER (AP) - Prosecutors say Yates Petroleum Corp. has agreed to pay $416,000 to settle allegations that it may have underreported the royalties it owed for natural gas recovered from federal leases in Wyoming.
    
The Artesia, N.M.-based company was accused of using unapproved meters to measure how much gas it recovered from 12 leases in the Powder River Basin. The U.S. Attorney's Office in Denver says the company may have underreported how much gas it collected, and therefore how much it owed in royalties to the federal government, between May 2009 and April 2012.
    
A company representative didn't immediately return a phone message seeking comment Friday.

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