§ 545. Conveyance and acquisition of oil and gas interests

(a) An oil and gas interest shall be deemed to mean the interest that is created by an instrument transferring, either by grant, reservation, assignment, or otherwise, an interest of any kind in oil and gas, and other minerals if included in an interest in oil and gas.

(b) An instrument transferring an interest in oil and gas, as described in subsection (a) of this section, shall identify the type of interest transferred in bold face type at the top of the instrument. For example:

(1) LEASE-OIL AND GAS ONLY;

(2) LEASE-OIL, GAS, AND OTHER MINERALS;

(3) DEED-OIL AND GAS ONLY;

(4) DEED-OIL, GAS, AND OTHER MINERALS.

(c) The owner or operator of any well shall notify the Board and all royalty owners within 30 days of the sale, assignment, transfer, conveyance, or exchange by the owner or operator of such well and the land, owned or leased, upon which the well is located.

(d) Every person who acquires the ownership or operation of any well, whether by purchase, assignment, transfer, conveyance, exchange, or otherwise shall notify the Board and all royalty owners in writing within 60 days of the acquisition.

(e) The notice required by this section shall be given in the form and manner prescribed by the Board. The Board shall compile and maintain current records of producing wells and their ownership and location. The State Geologist shall have access to this information. (Added 1981, No. 240 (Adj. Sess.), § 2, eff. April 28, 1982.)