SECTION 385:15-1-21. Requirements for consents to assignments

(a)   Bond of assignee. If the interest of a lessee is not covered by the payment of a Performance fee pursuant to 385:15-1-9(b), the lessee must post a bond pursuant to 385:15-1-20. If the interest of a lessee is covered by said Performance fee, no bond is required.

(b)   Copy of assignment. All requests for approval of Assignments must be accompanied by fully executed copies of said assignments and the required transfer fee of $25.00, per assignment per lease, both of which will be retained by this Department. When all requirements of this department have been completed the Commission will prepare and issue a written Consent to Assignment. No assignment of a State lease will be valid or vest any interest in the assignee until same is approved in writing by the Commission.

(c)   Assignment forms. Assignments of State leases may be made on any assignment form in general use in the oil and gas industry and may convey a subdivision, an undivided interest, or a vertical subdivision.

(d)   Accompanying agreements. All assignments presented for approval which are subject to other agreements, upon request of the Land Office, must be accompanied by a copy of such other agreement.

(e)   Assignments of overriding royalties. Assignment or grants of overriding royalty do not require approval of the Commission.

[Source: Amended at 15 Ok Reg 1745, eff 5-12-98; Amended at 29 Ok Reg 1299, eff 6-25-12]