(a) The waste of oil and gas is prohibited.

(b) The Board shall limit the rate at which oil and gas may be produced from any field or reservoir to the most efficient rate consistent with economically feasible recovery as determined by the Board from available technical information. However, controlled well performance tests to determine maximum potential or maximum productivity may be performed periodically, when authorized by the Board.

(c) The Board shall allocate the allowable production among the several wells or producing properties in a field or reservoir so that each owner will have a reasonable opportunity to produce or receive his or her just and equitable share of production. However, no allocation made by the Board shall be inconsistent with the prevention of waste. (Added 1981, No. 240 (Adj. Sess.), § 2, eff. April 28, 1982.)