Current through Vol. 40, No. 13, March 15, 2023
Section 165:10-1-12 - Corporate surety bond(a) An operator may file a blanket surety bond in the principal amount of $25,000.00 in U.S. dollars on Form 1006 as surety. In the alternative, the operator may file a surety bond of a lesser amount but that is sufficient to cover the total estimated cost of properly plugging and abandoning each and every well, the operations for which, the operator is responsible. Said estimated cost shall be documented on Form 1006D (Affidavit of Well Plugging Cost) for each and every well. Said alternative surety bond shall be increased upward, but not to exceed $25,000.00 in U.S. dollars, as additional wells are added to the operator's responsibilities, unless otherwise ordered by the Commission.(b) For purposes of (a) of this Section, an operator may file a surety bond issued by a corporation authorized to issue such bonds in the State of Oklahoma.(c) The Conservation Division shall not accept a bond unless the surety agrees to give the Conservation Division six months written notice before cancellation of a bond prior to expiration of the bond and evidence furnished of acceptable alternate surety if required.(d) Only one operator's name shall appear on each Form 1006.(e) Along with the Form 1006, an operator is required to file a Form 1006B (Operator's Agreement to Plug Oil, Gas and Service Wells Within the State of Oklahoma) with the Conservation Division.(f) The Commission shall reject the operator's Form 1006 if the operator fails to file the documentation required by this Section with the Conservation Division.
Okla. Admin. Code § 165:10-1-12Amended at 13 Ok Reg 2373, eff 7-1-96Amended by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015.