Sec. 551.5. Amount of financial security: wells up to 6,000 feet deep

(a) Except for gas wells drilled into lands under the waters of Lake Erie, for wells less than 6,000 feet in depth for which the department issued or is processing for issuance on or after October 1, 1963, permits to drill those wells or issued on or after June 5, 1973 acknowledgments of the notices of intention to drill those wells, the amount of financial security required is:

(1) for wells less than 2,500 feet in depth:

(i) for 1 to 25 wells, $2,500 per well, not exceeding $25,000;

(ii) for 26 to 50 wells, $25,000, plus $2,500 per well in excess of 25 wells, not exceeding $40,000;

(iii) for 51 to 100 wells, $40,000, plus $2,500 per well in excess of 50 wells, not exceeding $70,000; or

(iv) for over 100 wells, $70,000, plus $2,500 per well in excess of 100 wells, not exceeding $100,000.

(2) for wells between 2,500 feet and 6,000 feet in depth:

(i) for 1 to 25 wells, $5,000 per well, not exceeding $40,000;

(ii) for 26 to 50 wells, $40,000, plus $5,000 per well in excess of 25 wells, not exceeding $60,000;

(iii) for 51 to 100 wells, $60,000, plus $5,000 per well in excess of 50 wells, not exceeding $100,000; or

(iv) for over 100 wells, $100,000, plus $5,000 per well in excess of 100 wells, not exceeding $150,000.

(b) If an owner has a well or wells that are less than 2,500 feet in depth and has another well or other wells that are between 2,500 feet and 6,000 feet in depth, instead of providing financial security under the provisions of each paragraph in subdivision (a) of this section, that owner may file financial security as if all of those wells were between 2,500 feet and 6,000 feet in depth.