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§ 557. Conditions for oil well plugging approval

Oklahoma Statutes AnnotatedTitle 52. Oil and Gas

Oklahoma Statutes Annotated
Title 52. Oil and Gas (Refs & Annos)
Chapter 12A. Unknown or Unlocated Property Owners (Refs & Annos)
52 Okl.St.Ann. § 557
§ 557. Conditions for oil well plugging approval
The Corporation Commission shall not finally approve the plugging of any well until the designated operator of such well files an affidavit stating that all monies arising out of the production or operation of such well:
1. have been paid to the rightful recipients over which said operator exercises control; or
2. are being held in escrow; or
3. have been transmitted to the Corporation Commission pursuant to the provisions of Sections 551 through 558 of this title.
If any monies have not been paid as a result of being unable to locate the owner of such monies after the exercise of due diligence, or if any monies remain in escrow accounts, such monies shall be deposited immediately into the Mineral Owner's Fund. If any plugging bond has been submitted by the designated operator to the Corporation Commission, it shall not be released until the requirements of this section are met.

Credits

Laws 1983, c. 320, § 7; Laws 1984, c. 212, § 1, emerg. eff. May 21, 1984.
52 Okl. St. Ann. § 557, OK ST T. 52 § 557
Current with legislation of the Second Regular Session and First and Second Extraordinary Sessions of the 58th Legislature (2022).
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