{"data":{"id":"us-ok/okla.-stat.-tit.-52-52-606","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 52, § 52-606","heading":"Valid transfers - Application for approval of transfer -","body":"Standards for approval - Waiver - Hearings, adjudications and\n\nappeals - Contracts for certain services.\n\nA. A transfer shall not be valid or effective unless exempted\n\nunder Section 5 of this act or approved by the Commission.\n\nB. Prior to or simultaneous with the making of an offer,\n\nsolicitation of an offer, or agreement to effect a transfer, the\n\ntransferee shall file with the Commission an application for\n\napproval in compliance with subsection C of this section, and the\n\ntransferor shall have received a copy of such application not later\n\nthan two (2) business days after the filing date of the application.\n\nC. The application for approval of transfer shall be filed on\n\nforms prescribed by rule of the Commission, and shall contain, as\n\napplicable, the following information:\n\n1. As to the transferor: The full name, state of residence or\n\njurisdiction and date of organization, form of organization, address\n\nand telephone number of principal executive office, address and\n\ntelephone number of the principal place of business within the State\n\nof Oklahoma, the name and address of any person who holds a\n\npartnership or other managing interest in the transferor or who\n\ndirectly or indirectly owns five percent (5%) or more of any class\n\nof any outstanding equity securities of transferor, the name and\n\naddress of any agent of transferor for service of process within the\n\nState of Oklahoma, a valuation and description, insofar as\n\npracticable, of the energy resource assets owned by transferor and\n\nthe business operations conducted by transferor in the State of\n\nOklahoma relating to such energy resource assets, information as to\n\nany existing contractual obligations of transferor to explore,\n\nproduce, purchase, sell, gather, refine, process, deliver,\n\ntransport, or transmit hydrocarbons or hydrocarbon products gathered\n\nor produced within the state, and information as to current\n\nfinancial condition of transferor; and\n\n2. As to the transferee: Full name, state of residence or\n\nyear, form, and jurisdiction of organization, address and telephone\n\nnumber of principal executive office, address and telephone number\n\nof principal place of business within the State of Oklahoma, the\n\nname and address of any person who holds a partnership or other\n\nmanaging interest in the transferee or who directly or indirectly\n\nowns five percent (5%) or more of any class of any outstanding\n\nequity securities of transferee, a description of any and each class\n\nof equity securities or long-term debt of transferee, the extent of\n\nany equity or creditor position transferee holds as to transferor,\n\nthe name and address of any agent of transferee for service of\n\nprocess within the State of Oklahoma, a description of the business\n\noperations of transferee and any material changes therein during the\n\npast three (3) years, a description of any material pending legal or\n\nadministrative proceedings in which transferee is a party,\n\ninformation as to the manner and financing of the proposed transfer\n\nand the financial condition of the transferee, the names of any and\n\nall directors, executive officers, or partners of the transferee and\n\ntheir material business activities and affiliations during the past\n\nthree (3) years, a description of transferee's relevant experience\n\nand familiarity with the management of energy resource assets, a\n\ndescription of transferee's future business plans for management of\n\nthe energy resource assets owned by transferor including any plans\n\nfor the further disposition or division of such assets, or any plans\n\nto make material changes in the organization of transferor or to\n\nmaterially alter transferor's relationships with suppliers,\n\ncustomers, or other businesses with which it conducts business,\n\ninformation as to the background, business experience, character and\n\nintegrity of the transferee and persons proposed to be responsible\nfor the further disposition or division of such assets, or any plans\n\nto make material changes in the organization of transferor or to\n\nmaterially alter transferor's relationships with suppliers,\n\ncustomers, or other businesses with which it conducts business,\n\ninformation as to the background, business experience, character and\n\nintegrity of the transferee and persons proposed to be responsible\n\nfor future management and development of such assets, and evidence\n\nof transferee's ability following the proposed transfer to meet any\n\ncontractual obligations assumed by transferee as a result of the\n\nproposed transfer.\n\nD. A transfer shall be approved only if the Commission\n\ndetermines that the transfer satisfies the following standards:\n\n1. That it is reasonable to expect that the proposed transfer\n\nwill not adversely impact or retard the timely and efficient\n\ndevelopment of the energy resource assets proposed to be\n\ntransferred;\n\n2. That the proposed transfer will not, as a result of changes\n\nin managing personnel, policy or practices, or financial ability,\n\nadversely affect the public interest in orderly future exploration,\n\ndevelopment, production, refining, processing, transportation or\n\ntransmission of hydrocarbons or hydrocarbon products gathered or\n\nproduced within the state;\n\n3. That it is reasonable to expect that transferee will manage\n\nand develop such energy resource assets in compliance with all\n\napplicable statutes, and the rules and regulations of the Commission\n\ngoverning the management and development of such assets;\n\n4. That the proposed transfer will not interfere with or impair\n\nany contractual obligations to explore, produce, sell, purchase,\n\ngather, refine or process, deliver, transport or transmit\n\nhydrocarbons or hydrocarbon products gathered or produced within the\n\nstate; and\n\n5. That the proposed transfer will not impede conservation of\n\nenergy resource assets, promote or result in waste or inefficient\n\nuse of energy resource assets, interfere with correlative rights in\n\nunderground mineral resources, or disrupt collection or realization\n\nof state tax revenues derived from the orderly and efficient\n\ndevelopment, management and production of the state's energy\n\nresource assets.\n\nE. 1. The Commission shall waive the requirements of this act\n\nrelating to application and hearing if:\n\na. the transferee and transferor file affidavits with\n\nthe Commission attesting their belief that there are\n\nno substantial issues requiring an application and\n\nhearing; and\n\nb. the Commission determines on the basis of the\n\naffidavits and any accompanying supporting data that\n\nthere are no substantial issues requiring an\n\napplication and hearing.\n\nThe Commission shall act within seven (7) calendar days of the\n\nfiling of such affidavits.\n\n2. In all other cases, a hearing shall be held within ten (10)\n\ncalendar days of the date a filing is made pursuant to this section.\n\nUnless otherwise specified in this act, all hearings and proceedings\n\nshall be conducted in accordance with the rules and regulations of\n\nthe Commission.\n\n3. Any person aggrieved by any order of the Commission made\n\npursuant to this act may appeal therefrom to the Supreme Court of\n\nOklahoma upon the same conditions, within the same time, and in the\n\nsame manner, as is provided in Sections 86.1 to 135, inclusive, of\n\nTitle 52 of the Oklahoma Statutes, for the taking of appeal from the\n\norders of the Commission made thereunder.\n\nF. Final adjudications made pursuant to this section shall be\n\nmade within twenty (20) calendar days after filing of the\n\napplication. Upon request of either the transferor or the\n\ntransferee and a showing that no significant harm to the public\n\ninterest or to either party to the transfer will result, the hearing\n\nand adjudication process may be expedited. The hearing and\n\nadjudication process may be extended upon agreement of both parties\n\nto the transfer.\nmade within twenty (20) calendar days after filing of the\n\napplication. Upon request of either the transferor or the\n\ntransferee and a showing that no significant harm to the public\n\ninterest or to either party to the transfer will result, the hearing\n\nand adjudication process may be expedited. The hearing and\n\nadjudication process may be extended upon agreement of both parties\n\nto the transfer.\n\nG. If, upon initial review of the application, or immediately\n\nfollowing the hearing on the application, the Commission shall\n\ndetermine that a substantial likelihood exists that the proposed\n\ntransfer will not meet the standards set forth in subsection D of\n\nthis section, or that the application is materially deficient in\n\nsome respect, the public interest in the protection of the energy\n\nresource assets is significantly threatened by the proposed transfer\n\nand that such threat substantially outweighs the interest of the\n\nparties in effecting such a transfer, the Commission may order\n\neither party to defer, cease and desist from taking any action to\n\neffect such a transfer, pending final determination or additional\n\nhearings on the application.\n\nH. If, upon hearing, the Commission finds that the proposed\n\ntransfer does not or reasonably cannot be expected to meet the\n\nstandards of subsection D of this section, the Commission shall so\n\nadjudicate. If the Commission finds that the proposed transfer\n\nwould comply with subsection D of this section if amended in certain\n\nrespects, including personnel qualifications and policies and\n\npractices affecting the exploration, development and production of\n\nenergy resource assets, the Commission may approve the transfer\n\nsubject to certain conditions. If the Commission finds that the\n\nproposed transfer meets the standards of subsection D of this\n\nsection the Commission shall approve the transfer.\n\nI. For the purposes of complying with and performing its\n\nresponsibilities within the time limits prescribed by this act, the\n\nCommission may contract for such professional and technical services\n\nas are necessary to complete the hearing and determination process\n\nin accordance with the provisions of the act. In contracting for\n\nsuch necessary services the Commission shall be exempt from the\n\ncompetitive bidding requirements of Section 85.7 of Title 74 of the\n\nOklahoma Statutes.","path":["OK Code","Title 52"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os52.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"389bf182082b29997268e484a69f600dc28766393e73e2f08b1c79454b074d52","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-52-52-605","next":"us-ok/okla.-stat.-tit.-52-52-607"},"notice":"GroundRules: Original legal text. Not legal advice."}