060-7 Wyo. Code R. § 7-7
(a) The Office is authorized to exchange crude oil and natural gas on an equal value basis with any of its lessees or operators, responsible bidders, or eligible refiners in order to obtain a ultimate sales price that is greater than that which would have been received for the same collective volume of oil or gas on a cash royalty basis.
(b) Royalty oil and gas purchased by eligible refiners or responsible bidders or marketed by qualified marketers may be exchanged for other crude oil or gas only if the exchange operates to minimize transportation, distribution, and handling costs and does not serve to reduce the amount of refined products for existing available markets within the state or the market value of the oil or gas delivered. Exchange agreements will not be effective until approved by the Director.
060-7 Wyo. Code R. § 7-7