(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a special revenue fund to be known as the “Abandoned and Orphaned Well Plugging Fund”.
(b) The fund shall consist of:(1) Those special revenues as specified in § 19-42-201(230);(2) Proceeds from the transfer of a well, well-site equipment, or hydrocarbons from the well as established by § 15-72-217(b)(2);(3) Grants;(4) Gifts; and(5) Any other revenues as may be authorized by law.
(1) Those special revenues as specified in § 19-42-201(230);
(2) Proceeds from the transfer of a well, well-site equipment, or hydrocarbons from the well as established by § 15-72-217(b)(2);
(3) Grants;
(4) Gifts; and
(5) Any other revenues as may be authorized by law.
(c) The fund shall be used by the Oil and Gas Commission to provide security if an oil well operator or a gas well operator, or both, fails to perform plugging responsibilities under § 15-72-217 or fails to correct well conditions that create an imminent danger to the health or safety of the public, or threaten significant environmental harm or damage to property.