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 1882 - Disagreements as to Price
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) If the parties fail to agree upon the purchase price for the offered interest within the time specified in Section 1881.5(b) of this subchapter, either party may invoke the arbitration provisions of Section 3647 of the Public Resources Code, and such arbitration shall be governed by the procedures described therein and in this section.
(b) The person or persons electing arbitration shall file notice of the election in writing to the Supervisor within 5 calendar days of the expiration of the negotiation period provided in Section 1881.5(b) of this subchapter.
(c) Upon receipt of the notice provided in subsection (b) of this section, the Supervisor shall:
(d) Notice of the Supervisor's action under subsection (c) of this section shall be sent to the parties and the unit operator.
(e) Upon receipt of the determination of the fair market value and the report of the committee, the Supervisor shall send to the parties and the unit operator notice of the price at which the offered interest shall be purchased. Subject to the provisions for judicial review contained in Section 3647 of the Public Resources Code, the parties shall finalize the sale agreement and shall file the sale agreement with the Supervisor within 15 days after receipt of the Supervisor's notice of the price.
1. Repealer and new section filed 10-7-82; effective thirtieth day thereafter (Register 82, No. 41).
2. Change without regulatory effect amending subsections (b), (c), (c)(3), (d) and (e) 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.