Oklahoma HB1707 mandates oil and gas operators to carry liability coverage or file a surety bond to cover location damages.
Oklahoma HB1707 amends existing law to require operators of active oil and gas wells to carry a liability policy with a minimum coverage of $500,000 or file a surety bond, letter of credit, cash, or certificate of deposit with the Secretary of State in the sum of $25,000 to $500,000. The bonding company or banking institution must file a certificate confirming the bond or letter of credit is in effect or has been canceled, or that a claim has been made against it. The filing fee is $10. This act becomes effective November 1, 2025.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.