OK HB2432

Modifies gross production tax rates on oil and gas production through June 30, 2013, with rates varying based on commodity prices ($17/barrel for oil, $2.10/mcf for gas), then establishes flat 7% rate effective July 1, 2013

Reduces tax rate to 1% for forty-eight (48) months on production from horizontally drilled wells commenced July 1, 2011-July 1, 2015, with taxes apportioned per Section 1004

Reduces tax rate to 4% for forty-eight (48) months on deep wells (15,000-17,499 feet) spudded July 1, 2011-July 1, 2015, and to 4% for sixty (60) months on wells 17,500+ feet, with apportionment per Section 1004

Establishes CPI-U inflation adjustment mechanism for oil price threshold ($30/barrel) and gas price threshold ($5.00/mcf) that trigger exemption suspensions

Requires refund claims for fiscal years 2010-2011 exemptions to be filed by December 31, 2011, and establishes thirty-six (36) month payment schedule with 9% annual penalty interest for approved claims with payments beginning after July 1, 2012