(a) In the event of any changes of ownership of any existing oil or gas well after a permit has been granted to cover the operation and maintenance of an existing well, the permit and all rights and obligations pertaining thereto may be assigned and transferred to such new owners as provided in subsection (b) hereof.
(b) The permittee shall notify the City Manager in writing of the sale, assignment, transfer, conveyance or exchange of any well within thirty days after such sale, assignment, transfer, conveyance or exchange and the new owner thereof shall succeed to all the rights and obligations of the permittee under the permit applicable to such well upon the filing by the new owner of a bond to cover future operation and maintenance of such well. The notice shall cover the following:
(1) The name and address of the person to whom such well is sold, assigned, transferred, conveyed or exchanged.
(2) The name and location of the well.
(3) The date of sale, assignment, transfer, conveyance or exchange.
(4) The date when possession was relinquished by the former permittee.
(Passed 11-20-81)