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M-13.1, r. 1 - Regulation respecting petroleum, natural gas and underground reservoirs
Section 18
Disposition versions
18. The well drilling licensee shall, until the well is closed permanently in accordance with Division IV of this Chapter, keep in force the performance guarantee required under section 16 and the liability insurance policy required under section 17.
In the case of a petroleum or natural gas production well, the performance guarantee is released following the cumulative payment of the royalty provided for in section 204 of the Act for an amount equal to the amount of the guarantee required.
In the case of an underground reservoir production well, the preformance guarantee is released following the cumulative payment of the rental provided for in the second paragraph of section 202 of the Act for an amount equal to the amount of the guarantee required.
In the case of a well other than a petroleum, natural gas or underground reservoir production well, the guarantee is released at the time of the release of the last security for the deposit or the underground reservoir.
