(1)  Each meter shall be properly constructed, maintained, repaired and operated to continually and accurately register the quantity of oil and gas produced from the well.
(2)  The meter shall be installed, used and operated according to industry standards and guidelines promulgated by the American petroleum institute, American gas association, and the gas processors association that are in effect at the time of installation of the meter. If standards conflict, the most current American petroleum institute standard shall apply.
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(3)  All custody transfer meters and all allocation meters used in the allocation of custody transfer volumes shall be calibrated by a third party at least quarterly in each calendar year. The records of calibrations shall be maintained by the operator of the meter for at least five (5) years and copies shall be submitted to the department.