Oklahoma HB1371 modifies the payment of oil and gas proceeds, interest accrual, and remittance procedures.

Oklahoma HB1371 amends the payment of proceeds under the Production Revenue Standard Act. It specifies that undeliverable or uncashed proceeds will not earn interest. It also sets remittance timelines for proceeds, with monthly payments for amounts over $25 and annual payments for amounts under $10. The bill provides relief from liability for certain parties if they remit proceeds within specified periods. It establishes interest rates for late payments and outlines procedures for interpleading unmarketable title proceeds. The act becomes effective November 1, 2025.

Oklahoma HB1371 modifies the payment of oil and gas proceeds, interest accrual, and remittance procedures.

Oklahoma HB1371 amends the payment of proceeds under the Production Revenue Standard Act. It specifies that undeliverable or uncashed proceeds will not earn interest. It also sets remittance timelines for proceeds, with monthly payments for amounts over $25 and annual payments for amounts under $10. The bill provides relief from liability for certain parties if they remit proceeds within specified periods. It establishes interest rates for late payments and outlines procedures for interpleading unmarketable title proceeds. The act becomes effective November 1, 2025.