SECTION 385:15-1-16. Subordination of oil and gas lease to mortgage

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(a)   The holder of an oil and gas lease covering lands mortgaged to the Commission may obtain a subordination agreement by submitting the following:
(1)   An assignment of oil and gas lease rentals and royalties in duplicate on departmental forms, which will be furnished on request.
(2)   An affidavit of statement of bonus consideration, signed and acknowledged by both lessor and lessee.
(3)   A photostatic, or certified copy of the oil and gas lease or leases.
(4)   Payment of the subordination fee in the amount of $50.00. (See 385:15-1-32)
(b)   The Department will not grant a subordination agreement if either the bonus consideration or the annual delay rental is less than One Dollar ($1.00) per acre.

[Source: Amended at 15 Ok Reg 1745, eff 5-12-98]

                    
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