CA AB2461

Expands oil and gas bonding requirements to apply to persons who acquire the right to "control" a well or production facility, not just those who acquire the right to "operate" one

Defines transactions that trigger bonding requirements to include indirect stock sales exceeding 50% of voting stock, mergers, acquisitions, asset sales, liquidations, and dissolutions of operators

Eliminates the exemption from bonding requirements for wells producing more than 15 barrels of oil or 60,000 cubic feet of natural gas daily, requiring all acquired wells to post bonds

Requires indemnity bonds in amounts determined by the State Oil and Gas Supervisor to fully cover plugging, abandonment, facility decommissioning, and site restoration costs

Violations of these requirements constitute a misdemeanor under existing oil and gas law