California Code of Regulations
Title 14 - Natural Resources
Division 2 - Department of Conservation
Chapter 4 - Development, Regulation, and Conservation of Oil and Gas Resources
Subchapter 3 - Unit Operations
Article 8 - Offers to Sell
Section 1881.5 - Notice of Intention to Purchase
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Any working interest owner who desires to participate in the purchase of the offered interest shall file a notice of intention to purchase with the district deputy of the district in which the offered interest is located and shall give written notice thereof to the offeror on or before a date specified by the Supervisor, which shall be no later than 30 days after the date the notice of offer of sale is filed pursuant to Section 1881(a) of this subchapter.
(b) Negotiations toward the consummation of the purchase of the offeror's interest shall be undertaken in good faith by the offeror and by those working interest owners filing the notice of intention to purchase. Those negotiations shall be concluded on or before a date specified by the Supervisor, which shall be no later than 60 days after the date the notice of offer of sale is filed under Section 1881(a) of this subchapter.
(c) If the purchase price is agreed upon prior to the date specified in subsection (b) of this section, the offeror shall notify the Supervisor immediately in writing, and the parties shall proceed expeditiously to finalize the sale agreement. The sale agreement shall be promptly filed with the Supervisor and in no event shall be filed more than 15 days after written notice of the agreed price is given to the Supervisor.
1. New section filed 10-7-82; effective thirtieth day thereafter (Register 82, No. 41).
2. Change without regulatory effect amending section filed 12-26-2006 pursuant to section 100, title 1, California Code of Regulations (Register 2006, No. 52).
Note: Authority cited: Section 3685, Public Resources Code. Reference: Section 3647, Public Resources Code.
