Sec. 89.027. SUPPLEMENTAL FINANCIAL ASSURANCE. (a) A supplemental bond, letter of credit, or cash deposit filed under Section 89.023(a)(3)(E) is in addition to any other financial assurance otherwise required of the operator or for the well.
(b) A supplemental bond, letter of credit, or cash deposit may not be transferred to a new operator of an existing inactive well. A new operator of an existing inactive well must file a new supplemental bond, letter of credit, or cash deposit or otherwise comply with the requirements of this subchapter by the deadline provided by Section 89.022(b).
Added by Acts 2009, 81st Leg., R.S., Ch. 442 (H.B. 2259), Sec. 2, eff. September 1, 2009.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 562 (H.B. 3134), Sec. 6, eff. June 17, 2011.
Structure Texas Statutes
Subtitle B - Conservation and Regulation of Oil and Gas
Subchapter B. -1. Plugging of Certain Inactive Wells
Section 89.022. Plugging of Inactive Wells Required
Section 89.023. Extension of Deadline for Plugging Inactive Well
Section 89.024. Abeyance of Plugging Report
Section 89.025. Enhanced Oil Recovery Project
Section 89.026. Fluid Level or Hydraulic Pressure Test
Section 89.027. Supplemental Financial Assurance
Section 89.029. Affirmation Regarding Surface Requirements
Section 89.030. Revocation of Extension of Deadline for Plugging Inactive Well