Okla. Admin. Code § 385:15-1-21

Current through Vol. 42, No. 4, November 1, 2024

Section 385:15-1-21 - Assignment of oil and gas leases

(a)Assignments. Each request for consent and approval of an assignment of oil and gas lease shall be accompanied by a fully executed copy of the assignment, payment of an application fee to be established by resolution of the Board, and payment of a performance fee of ten cents ($0.10) per net mineral acre. No assignment of an oil and gas lease on school lands will be valid or vest any interest in the assignee until the Land Office provides written consent to the assignment.

(b)Assignment forms. Assignments of oil and gas leases may be made on any assignment form in general use in the oil and gas industry and, with proper consent on a form required by the Land Office, may convey lesser interests in the lease, including fractional interests, term interests, and horizontal interests.

(c)Accompanying agreements. Assignments presented for approval which are subject to other agreements, upon request of the Land Office, shall be accompanied by a copy of such other agreement.

(d)Assignments of overriding royalties. Assignments, reservations, or grants of overriding royalty interests do not require approval of the Land Office.

(e)Outstanding financial obligations. The Land Office may require payment of any outstanding financial obligations or liabilities of the assignor before providing consent to an assignment. If the outstanding obligations or liabilities are not paid, the Land Office may allow, in writing, the assignee to assume the outstanding financial obligations or liabilities of the assignor.

Okla. Admin. Code § 385:15-1-21

Amended at 15 Ok Reg 1745, eff 5-12-98; Amended at 29 Ok Reg 1299, eff 6-25-12

Amended by Oklahoma Register, Volume 38, Issue 24, September 1, 2021, eff. 9/11/2021