(1) A bond or bonds as required by this chapter shall remain in force and effect until:

(a) The plugging of said well or wells and reclamation of the well site or sites has been completed and has been approved by the supervisor and all requirements of chapter 78.52 RCW, rules and regulations, permit conditions, and orders of the committee have been complied with to the satisfaction of the supervisor; or until

(b) A new bond has been filed by a successor in interest and approved by the supervisor.

(2) Transfer of property does not release the bond. If a transfer of property is made and the principal desires to be released from the bond:

(a) The principal shall notify the supervisor in writing in accordance with this chapter that the well or wells, describing each well by reference to its number and location on a forty-acre tract, section, township, and range, has or have been transferred to a named transferee for the purpose of ownership or operations;

(b) As a part of the same instrument the transferee must accept such transfer, assume all obligations and accept the responsibility of such well or wells under a new bond tendered therewith. When the supervisor has approved the transfer, the transferor may be released from the plugging responsibility of the well or wells and reclamation of the site or sites and other requirements, and if, such well or wells are now covered by the transferee's bond, the transferor's bond may be released by the supervisor.