CFR > Title 30 - Mineral Resources > CHAPTER II—MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR > SUBCHAPTER B—OFFSHORE (parts 250 to 285) > PART 256—LEASING OF SULPHUR OR OIL AND GAS IN THE OUTER CONTINENTAL SHELF > SUBPART N—Bonus or Royalty Credits for Exchange of Certain Leases Offshore Florida (§256.90 to §256.95) > 256.95—How do I transfer a bonus or royalty credit to another person?

256.95—How do I transfer a bonus or royalty credit to another person?

(a) You may transfer your bonus or royalty credit to any other person by submitting to the MMS Adjudication Unit for the Gulf of Mexico two originally executed transfer letters of agreement.
(b) Authorized officers indicated on the qualification card filed with MMS of all companies involved in transferring and receiving the credit must sign the transfer letters of agreement.
(c) A transfer letter of agreement must include:
(1) The effective date of the transfer,
(2) The OCS-G number for the lease that originally qualified for the credit,
(3) The amount of the credit being transferred,
(4) Company names punctuated exactly as filed on the qualification card at MMS, and
(5) A corporate seal, if you used a corporate seal in your initial qualification to hold OCS leases.
(d) The transferee of a credit transferred under this section may use it in accordance with § 256.94 as soon as MMS sends a confirmation of the transfer to the transferee.