Section 4. Creation of trust for unknown owners.
(a) General rule.--Any person who owns an interest in oil and gas underlying a tract of land may petition the appropriate division of the court of common pleas of the county in which the tract or any portion of the tract is located to declare a trust in favor of all unknown owners of an interest in the oil and gas underlying the tract whose identity, present residence or present address is unknown and cannot be determined by diligent efforts. The petitioner's interest may be in fee, by lease, a royalty or by ownership of correlative rights in an oil and gas reservoir.
(b) Requirements.--Before the court shall declare a trust in favor of an unknown owner or owners, the petitioner shall show to the satisfaction of the court that:
(1) Petitioner has made a diligent effort to locate the
owner or claimant.
(2) Despite this diligent effort, petitioner has been
unable to identify or to locate the present residence or
other address of one or more owners or claimants of the oil
or gas interest or interests in question.
(3) Appointment of a trustee will be in the best
interest of all owners of interests in the oil and gas.
(c) Appointment.--Following a determination that the requirements of subsection (b) have been met, the court shall appoint a financial institution authorized to do business in this Commonwealth as trustee of a trust for the unknown owner or owners and shall authorize the trustee to execute and deliver one or more oil or gas leases or other instruments on terms and conditions approved by the court.