Okla. Stat. tit. 52 § 605

Current through Laws 2024, c. 453.

Section 605 - Exempted transfers

The following transfers are exempted from the provisions of this act:

1. Transfers in the ordinary course of business. For the purposes of this act, transfers in the ordinary course of business shall include but not be limited to:

a. the granting of a lease to explore and produce an energy resource asset,

b. the assignment of a lease or leases to explore and produce an energy resource asset by or to a person engaged in the business of buying and selling such leases,

c. the sale by a natural person of fee mineral rights,

d. the transfer by conveyance or decree pursuant to a private trust, gift, will, or intestate succession,

e. any transfer pursuant to a compulsory pooling order of the Commission,

f. any transfer of hydrocarbons pursuant to a contract for the purchase, sale, or delivery of such hydrocarbons at or beyond the wellhead or other point of production,

g. the transfer, sale, condemnation or conveyance of surface use rights for the purposes of ingress, egress, easement and right-of-ways, and

h. sales in the ordinary course of business of pipeline equipment, oil and gas equipment and mineral equipment as defined in Section 371 of Title 52 of the Oklahoma Statutes;

2. The granting or assignment of a mortgage, security interest or other contractual lien in an energy resource asset as security for an indebtedness or the foreclosure, enforcement or realization thereof;

3. The granting or assignment of a royalty interest, overriding royalty interest, production payment, or other nonworking interest form of right to receive hydrocarbon production, or proceeds therefrom;

4. A transfer, as defined in subparagraph b of paragraph 4 of Section 3 of this act, where, after giving effect to the proposed transfer, the transferee would beneficially own less than ten percent (10%) of the ownership interest in the transferor;

5. A transfer, as defined in subparagraph a of paragraph 4 of Section 3 of this act, where the value of the energy resource assets at date of transfer is less than Seventy-five Million Dollars ($75,000,000.00);

6. A transfer, as defined in subparagraph b of paragraph 4 of Section 3 of this act, where the value at date of transfer of the energy resource assets owned by the transferor is less than Seventy-five Million Dollars ($75,000,000.00);

7. A transfer of a "domestic public utility" or an ownership interest in a "domestic public utility", as defined in Section 191.1 of Title 17 of the Oklahoma Statutes; and

8. Any other exemptions as may be granted pursuant to the rules, regulations and orders of the Commission reasonably prescribed in the furtherance of this act.

Okla. Stat. tit. 52, § 605

Added by Laws 1985, SB 143, c. 2, § 5, emerg. eff. 2/13/1985.