Okla. Stat. tit. 52, § 52-570.5
This is the official text of Okla. Stat. tit. 52, § 52-570.5, part of Oklahoma’s Stat. tit. 52, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 52,." Browse the sections below, each linked to its official government source.
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Designation of person for certain royalty, accounting
Official statutory text
and remittance functions.
A. The owners owning a majority in interest of the working
interest in a well or the Corporation Commission for cause upon
proper application by any working interest owner and notice to all
working interest owners in a well may designate a person other than
the operator, which person is defined for purposes of this section
to include, but not be limited to, a bank or a trust company, to
perform the royalty accounting and remittance functions assigned to
the operator pursuant to the Production Revenue Standards Act, upon
consent to and assumption by that person of:
1. Any costs thereby incurred; and
2. An obligation to furnish to the operator such information
necessary to the operator for the discharge of its duties.
B. Any person designated pursuant to this section shall assume
all rights and duties of and shall be held to the same standards of
care as the operator as set forth in this section and Sections 4, 6,
7 and 13 and subsections A and G of Section 8 and subsections C and
E of Section 10 of this act. Any person designated pursuant to this
section who is not a working interest owner in the well, a first
purchaser of production from the well or a bank or trust company
shall be bonded or post other surety in an amount equal to Fifty
Thousand Dollars ($50,000.00). Except as provided by private
agreement or Corporation Commission order derived from other
statutory authority, such person shall not thereby assume other
rights or duties of the operator.
A. The owners owning a majority in interest of the working
interest in a well or the Corporation Commission for cause upon
proper application by any working interest owner and notice to all
working interest owners in a well may designate a person other than
the operator, which person is defined for purposes of this section
to include, but not be limited to, a bank or a trust company, to
perform the royalty accounting and remittance functions assigned to
the operator pursuant to the Production Revenue Standards Act, upon
consent to and assumption by that person of:
1. Any costs thereby incurred; and
2. An obligation to furnish to the operator such information
necessary to the operator for the discharge of its duties.
B. Any person designated pursuant to this section shall assume
all rights and duties of and shall be held to the same standards of
care as the operator as set forth in this section and Sections 4, 6,
7 and 13 and subsections A and G of Section 8 and subsections C and
E of Section 10 of this act. Any person designated pursuant to this
section who is not a working interest owner in the well, a first
purchaser of production from the well or a bank or trust company
shall be bonded or post other surety in an amount equal to Fifty
Thousand Dollars ($50,000.00). Except as provided by private
agreement or Corporation Commission order derived from other
statutory authority, such person shall not thereby assume other
rights or duties of the operator.
Status: in_force · Read it on the official government site
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