There is hereby exempted from the provisions of Section 25110 of the Code as not being comprehended within the purposes of the Corporate Securities Law of 1968 and the qualification of which is not necessary or appropriate in the public interest or for the protection of investors any offer or sale of any interest or participation in an oil or gas title or lease (including subsurface gas storage) or in payments out of production under such a title or lease if the sole consideration given by the purchaser for the security is the grant or lease of a drillsite or of rights for a well to traverse his property where the well in either case is drilled for the purpose of producing oil or gas from beneath other land.

Note: Authority cited: Sections 25105 and 25610, Corporations Code. Reference: Sections 25105 and 25110, Corporations Code.

History

1. Editorial correction adding Note filed 3-9-83 (Register 83, No. 11).