Indiana § 14-37-6-3 Duration of bond

Indiana Statutes

§ 14-37-6-3 — Duration of bond

Indiana·Art. 37 OIL AND GAS·Ch. 6 Bonding

Each blanket bond for wells created, modified, or acquired during the duration of a bond that was accepted by the commission before March 11, 1971, must be replaced by a new blanket bond in the amount of thirty thousand dollars ($30,000) before January 2, 2002. The new replacement bond remains in effect until:

(1)the:

(A)owner or operator plugs and abandons each well covered under the blanket bond in accordance with:

(i)this article; and

(ii)rules adopted under this article; and

(B)bond is released by the department; or

(2)a substitute bond is accepted by the department for each well secured by the blanket bond. [Pre-1995 Recodification Citation: 13-8-8-3.]

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Each blanket bond for wells created, modified,
or acquired during the duration of a bond that was accepted by the
commission before March 11, 1971, must be replaced by a new blanket
bond in the amount of thirty thousand dollars ($30,000) before January
2, 2002. The new replacement bond remains in effect until:
(1) the:
(A) owner or operator plugs and abandons each well covered
under the blanket bond in accordance with:
(i) this article; and
(ii) rules adopted under this article; and
(B) bond is released by the department; or
(2) a substitute bond is accepted by the department for each well
secured by the blanket bond.
[Pre-1995 Recodification Citation: 13-8-8-3.]

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