STATE OF OKLAHOMA

2nd Session of the 54th Legislature (2014)

HOUSE BILL 3227	By:	Hickman

AS INTRODUCED

An Act relating to oil and gas; amending 52 O.S. 2011, Section 570.3, which relates to application of the Production Revenue Standards Act; updating statutory references; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     AMENDATORY     52 O.S. 2011, Section 570.3, is amended to read as follows:
Section 570.3  The Production Revenue Standards Act shall apply to all owners and shall apply to all producing wells, regardless of the date pooled, drilled or of the date of the underlying leases; provided, however, that .  However Sections 4 570.4, 5 570.5, 6 570.6, 7 570.7 and 8 570.8 of this act title shall not apply to wells in common sources of supply under unitized management pursuant to Section 287.1 of Title 52 of the Oklahoma Statutes this title or where royalty remittance is otherwise provided by written agreement among all owners in a well.

SECTION 2.  This act shall become effective November 1, 2014.

54-2-9425	KB	01/10/14