Okla. Admin. Code § 165:10-25-2

Current through Vol. 42, No. 7, December 16, 2024

Section 165:10-25-2 - Escrow account required

(a) Each pooling order which pools interest of unknown or unlocated owners shall contain language substantially similar to the following: "If any payment of bonus, royalty payments, or other payments due and owing under this order cannot be made because the person entitled thereto cannot be located or is unknown, then said bonus, royalty payments or other payments shall be paid into an escrow account in a financial institution within ninety (90) days after this order and shall not be commingled with any funds of the applicant or operator. Provided however, that the commission shall retain jurisdiction to grant to financially solid and stable holders an exception to the requirement that such funds be paid into an escrow account with a financial institution and permit such holder to escrow such funds within such holder's organization. Responsibility for filing reports with the Commission as required by law and commission rule as to bonus, royalty or other payments escrowed hereunder shall be with the applicable holder. Such escrowed funds shall be held for the exclusive use of, and the sole benefit of, the person entitled thereto. It shall be the responsibility of the operator to notify all other holders of this provision and of the Commission rules regarding unclaimed monies under pooling orders".

(b) Each pooling order issuing upon an application filed on or after July 1, 1984, shall contain, in addition to the foregoing language, an attached exhibit listing all parties or interests which are unknown or cannot be located, together with each party's last known address, if available.

Amended by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015.