As used in the Natural Gas Market Sharing Act:
1. "Designated marketer" means the operator of the well or a producing owner substituted for the operator as provided in Section 22 of this act;
2. "Electing owner" means any owner who elects to produce and market its share of production pursuant to the provisions of this act;
3. "Nonexempt sales" means those gas sales which are subject to the provisions of this act and do not qualify for exemptions as set forth in Section 21 of this act;
4. "Overproduced owner" means an owner who has produced and sold a volume of gas in excess of his working interest percentage of cumulative sales from a well;
5. "Owner" means a person or persons who own a working interest in a well;
6. "Producing owner" means an owner who produces and sells gas from a well for its own account; and
7. "Working interest" means the interest in a well, calculated prior to deduction for royalty, overriding royalty and other non-cost-bearing interests burdening production, entitling the owner thereof to drill for and produce oil and gas, including the interest of a participating mineral owner to the extent set forth in Section 87.1 of Title 52 of the Oklahoma Statutes.
Added by Laws 1992, c. 190, § 20, eff. Sept. 1, 1992.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.