HB 1371
Oil and gas; interest; remittance; escrow account; relief of liability; effective date.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill addresses the remittance of interest and proceeds from oil and gas production in Oklahoma. It establishes a process for oil and gas operators to remit accrued interest and unpaid proceeds to the State of Oklahoma. The bill provides a mechanism for operators to receive relief from liability for unpaid proceeds if certain conditions are met, primarily related to good faith efforts to remit funds. It also sets an effective date for the new requirements.
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