Can a “non-qualified” operator become a “qualified” operator and be authorized to operate under the “qualified” bond structure?
Yes, a “non-qualified” operator can request to become “qualified” under the following conditions: a) Demonstrate for a period of 36 months prior to the request for a “qualified” blanket bond a record of compliance with the statutes and administrative regulations of the division; or b) Provide proof of financial ability to plug and abandon wells covered by the blanket bond and file a corporate guarantee if the operator is a corporate subsidiary. Proof of financial ability shall be in the form of an audited financial statement which meets certain criteria under the statute. Please refer to the statute for the specifics on this requirement.
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