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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 43 - Public Lands: Interior |
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Subtitle B - Regulations Relating to Public Lands |
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Chapter II - Bureau of Land Management, Department of the Interior |
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SubChapter C - Minerals Management (3000) |
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Part 3100 - Oil and Gas Leasing |
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Subpart 3104 - Bonds |
§ 3104.2 - Lease bond.
Latest version.
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§ 3104.2 Lease bond.
A lease bond may be posted by a lessee, owner of operating rights (sublessee), or operator in an amount of not less than $10,000 for each lease conditioned upon compliance with all of the terms of the lease. Where 2 or more principals have interests in different formations or portions of the lease, separate bonds may be posted. The operator on the ground shall be covered by a bond in his/her own name as principal, or a bond in the name of the lessee or sublessee, provided that a consent of the surety, or the obligor in the case of a personal bond, to include the operator under the coverage of the bond is furnished to the Bureau office maintaining the bond.
[53 FR 22839, June 17, 1988]