SECTION 165:10-1-36. Regulation, classification, and naming of pools

(a)   When the Commission finds, upon notice and hearing, that oil or gas production from any source of supply exceeds the current market demand there for or finds that the operation of the reservoir should be regulated in order to prevent waste, increase ultimate recovery, or protect correlative rights, the Commission shall thereupon promulgate appropriate pool rules to accomplish such objectives. Where any of the above findings are made by the Commission, the total production from the pool may be restricted and equitable allocation made to the various wells located therein, or the operation of the reservoir may be otherwise regulated and controlled to insure proper and adequate conservation.

(b)   Any pool may be classified or reclassified by the Commission, upon hearing, as an oil pool, gas pool, combination pool, or condensate pool. All pool rules so promulgated shall be based on operating and technical data and shall be consistent with the characteristics attributable to each classification.

(c)   All oil and gas pools in the State shall be named by the Commission.