WAIVER
No interest owner shall be required, as a condition or term of an agreement to sell or otherwise, to waive, relinquish or release any oil and gas lien or any rights under this act other than upon payment in full of the sales price or agree to any provision that would apply the law of any state other than the State of Oklahoma insofar as the same relates to rights under this act, and any such purported waiver, relinquishment, release, or provision shall be void as a matter of the public policy of this state. Notwithstanding the preceding sentence, any interest owner or a representative acting on behalf of an interest owner, may waive, relinquish or release any oil and gas lien or any rights under this act or agree to a provision that would apply the law of any state other than the State of Oklahoma insofar as the same relates to rights under this act only as to such interest owner’s oil and gas rights provided the first purchaser either:
1. Posts a letter of credit in form and amount satisfactory to the interest owner, or a representative acting on behalf of an interest owner; or
2. Agrees to a binding contractual arrangement satisfactory in form and substance to the interest owner, or a representative acting on behalf of an interest owner to prepay or escrow the sales price under an agreement to sell in form and substance satisfactory to the interest owner and performs all of the first purchaser’s obligations thereunder.
Added by Laws 2010, c. 142, § 9, emerg. eff. April 19, 2010.