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Oil company fined for failing to report production

Published on NewsOK Modified: April 9, 2014 at 11:54 am •  Published: April 9, 2014

ARTESIA, N.M. (AP) — The federal government is fining an Artesia oil man more than $700,000 for failing to submit reports on production on its federal leases in New Mexico.

The Department of the Interior's Office of Natural Resources Revenue said Tuesday it has assessed Louis Fulton, doing business as C.F.M. Oil Company , a $717,136 civil penalty.

ONRR Director Greg Gould says it's unacceptable for energy companies to fail to report production. He says accurate and timely information concerning oil and gas production from federal leases is essential for ensuring American taxpayer assets are protected.

The agency says it sent the oil company a notice of noncompliance a year ago.

A phone listed to the company went unanswered Tuesday.