Bond requirement increased for NM Oil and Gas Wells

Category: Uncategorized
Published: Sep 20, 2011
HB 297: Financial Assurance – Oil and Gas Wells

Under this bill the maximum amount of financial assurance for permit tees operation an oil gas or service well in the state will be increased. Surety bonds can be accepted to meet this requirement, and the law caps the assurance for a blanket bond covering multiple wells at 50K. The new bill would increase this cap to 500K.

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