Keep your business compliant with state and federal business laws. Your legal responsibilities will depend on your business and location.
For your own records: internal requirements
You’ll need to meet external and internal business compliance requirements. Most external requirements involve filing paperwork or paying taxes with state or federal governments.
Internal business requirements are for your own record keeping. You should document your compliance with internal requirements closely with company records. You might need them when you decide to sale you companyor if a legal action is taken against your business.
Ongoing state filing requirements
Each state has annual reports and tests that have to be filed for wells, tank batteries, SWD wells and various other actions.
Ongoing federal filing requirements
Continually check with all federal agencies on curren required filings required from oil and gas businesses.