Section 2154 - Bid FactorThe Commission shall select for each sales contract, prior to offering royalty oil for bid, one of the bid factors listed below:
(a) $__________ per barrel plus the base price.(b) __________% plus 100% of the base price.(c) $__________ per barrel, provided that the purchaser shall at all times pay the bid price or the base price plus a specified percent of the base price as determined by the Commission, whichever is higher.(d) $__________ bonus plus the base price.(e) $__________ per barrel for a specified gravity with a gravity differential schedule as specified in advance by the Commission, provided that the purchaser shall at all times pay the bid price or the base price plus a specified percent of the base price as determined by the Commission, whichever is higher. The Commission may, in offering a sales contract, require a minimum bid.
Cal. Code Regs. Tit. 2, § 2154