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.
Added by Laws 1983, c. 320, § 7, eff. July 1, 1984. Amended by Laws 1984, c. 212, § 1, emerg. eff. May 21, 1984.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
