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According to report from Reuters, Oklahoma oil and gas regulars ruled in favor of an emergency application to classify unprofitable production as economic waste, which now allows E&Ps to maintain leases while shutting in production.
The vote was approved by a 2-1 in favor of the emergency application.
The report went on to say that Eddie Rongey, an Oklahoma producer who operates some 600 wells, testified that he is losing $200k a month by producing from economically challenged wells. Rongey asked for the order to prevent having shut-ins jeopardize his leases.
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