MS SB2372

Extends the repeal date for subsection (8) of Section 53-1-77 from July 1, 2021 to July 1, 2025, allowing continued transfers from the Capital Expense Fund to the State Oil and Gas Board for emergency plugging of orphan wells.

Permits the Director of the Department of Finance and Administration to transfer funds from the Capital Expense Fund to the State Oil and Gas Board upon request of the State Oil and Gas Supervisor for emergency plugging of orphan or gas wells that pose an imminent environmental threat.

Defines "orphan well" as any oil or gas well, including Class II wells, that has not been properly plugged and for which a responsible party cannot be located or forced to plug the well.

Allows the Oil and Gas Board to use surplus funds exceeding $200,000 above the current fiscal year's budget to plug orphan wells and maintain a separate Emergency Plugging Fund for this purpose.