(1) No rule or order of the governing board of the State Department of Geology and Mineral Industries which creates a unit and prescribes a unitization plan and no applicable unit agreement shall be effective unless the plan of unit operation required by the board under ORS 522.405 has been approved in writing by:
(a) The operators who will be required to pay under the board’s rule or order at least 75 percent of the unit operation costs; and
(b) The persons or state or local governing body, special district or agency that, at the time of the board rule or order, own record legal title to 75 percent of the royalties payable with respect to the geothermal resource produced from the unit area.
(2) If the royalty owners who own the required percentage interest in the unit area and the operators have not approved the unitization plan within six months of the date on which the rule or order creating the unit is adopted or entered, that rule or order shall become ineffective and shall be considered to have been repealed or revoked by the board. [1981 c.588 §12]
Section: Previous 522.410 522.415 522.420 522.425 522.430 522.435 522.440 522.445 522.450 522.455 522.460 522.465 522.470 522.475 522.480 NextLast modified: August 7, 2008