SECTION 165:10-24-3. Election to market share

(a)   An owner eligible to market share as to a particular well, may elect to market share as to such well by sending written notice to the designated marketer for the well.

(b)   An owner may not elect to market share as to a particular well if as to such well:

(1)   said owner is subject to a balancing agreement (or other written agreement expressly providing for gas balancing or the taking, sharing, marketing of gas); or

(2)   the term has yet to expire for a gas contract, where the owner terminated the contract for value received; or

(3)   said owner terminated market sharing within the previous 12 months; or

(4)   said owner is currently over-produced; or

(5)   the designated marketer is relieved from the duty to market share pursuant to 165:10-24-4(g) or 165:10-24-4(i) and (j).

(c)   An election to market share shall be effective on the first day of the month following 60 days from receipt of the election by the designated marketer.

(d)   The well operator shall serve as the designated marketer until appointment of a substitute.

(e)   An owner may terminate his election by sending writing notice to the designated marketer. Notice of termination is effective on the first day of the month following 60 days after receipt of the notice.

(f)   Copies of all market sharing elections and notices shall be sent to the well operator, if said operator is not the designated marketer.

[Source: Added at 10 Ok Reg 2601, eff 6-25-93]