Okla. Admin. Code § 725:30-22-7

Current through Vol. 42, No. 4, November 1, 2024

Section 725:30-22-7 - Repairs and improvements in lieu of royalties

(a) The Department may accept repairs or improvements made by Concession Lessees to assets owned or leased by the State in lieu of Royalties. All such repairs or improvements:

(1) Immediately become property of the Department;

(2) Must be document by addendum or amendment to the Lease; and

(3) Must be approved in advance by the Department and accompanied by the appropriate documentation.

(b) The Department may allow all or a portion of the cost of such repairs or improvements to reduce Royalties due under the Lease or Permit.

Okla. Admin. Code § 725:30-22-7

Added at 20 Ok Reg 1360, eff 5-27-03

Amended by Oklahoma Register, Volume 37, Issue 24, September 1, 2020, eff. 9/11/2020