Oklahoma legislation · 2026 Regular Session
Oklahoma HB1371: Oil and gas; interest; remittance; escrow account; relief of liability; effective date.
Status: Signed into law, May 6, 2026
What the bill says
An Act relating to oil and gas; amending 52 O.S. 2021, Section 570.10, which relates to the Production Revenue Standards Act; modifying amount of interest earned on certain proceeds; providing for cap of certain earned interest; providing that certain proceeds shall not earn interest; requiring maintenance of certain records; authorizing remittance of certain proceeds to certain fund; requiring the Office of the State Treasurer to establish and administer the Mineral Owner's Fund; requiring certain written notice; authorizing remittance as alternative to filing certain action…
From the enrolled text, April 29, 2026:
An Act relating to oil and gas; amending 52 O.S. 2021, Section 570.10, which relates to the Production Revenue Standards Act; modifying amount of interest earned on certain proceeds; providing for cap of certain earned interest; providing that certain proceeds shall not earn interest; requiring maintenance of certain records; authorizing remittance of certain proceeds to certain fund; requiring the Office of the State Treasurer to establish and administer the Mineral Owner's Fund; requiring certain written notice; authorizing remittance as alternative to filing certain action; relieving certain liability; authorizing deposit of certain payments; clarifying certain claiming right; requiring certain proof of identity and ownership; requiring certain remittance within certain time frame; clarifying obligation of payor; amending 52 O.S. 2021, Section 903, which relates to the Energy Litigation Reform Act; modifying amount of interest earned on certain proceeds; amending 60 O.S. 2021, Section 658, which relates to the Uniform Unclaimed Property Act; stating certain presumption of abandonment; updating statutory language and references; and providing an effective date. SUBJECT: Oil and gas SECTION 1. AMENDATORY 52 O.S. 2021, Section 570.10, is amended to read as follows: Section 570.10. A. All proceeds from the sale of production shall be regarded as separate and distinct from all other funds of any person receiving or holding the same until such time as such proceeds are paid …