(a) Operators of all wells, not otherwise required to demonstrate financial responsibility through bonding or otherwise in accordance with the provisions of article six of this chapter, shall, no later than July 1, 1993, demonstrate financial responsibility in accordance with the methods and in the amounts prescribed by this article.
(b) If the operator demonstrates to the satisfaction of the director that an unjust hardship to an operator will occur as a result of the financial responsibility requirements of this article:
(1) The director may suspend such financial responsibility requirements to a date no later than July 1, 1995; or
(2) The director may authorize an operator to demonstrate such financial responsibility by supplying twenty percent of any required amount by no later than July 1, 1994; forty percent no later than July 1, 1995; sixty percent no later than July 1, 1996; eighty percent by July 1, 1997; and one hundred percent by July 1, 1998.
(c) The operator making a demonstration of financial responsibility pursuant to this section shall provide the director with information sufficient to establish the location and identification of the well, any well completion, recompletion and reworking records which may exist and such other information as the director may reasonably require.