OK HB3304

Extends the duration of reduced gross production tax rates for oil and gas production through June 30, 2013 (previously set to expire June 30, 2010), with a 7% tax rate applying July 1, 2013 onward

Extends exemptions for enhanced recovery projects, secondary recovery projects, tertiary recovery projects, horizontally drilled wells, inactive wells, and production enhancement projects through July 1, 2012

Extends exemptions for deep wells drilled between specific depths and spudding dates through July 1, 2011-2012 depending on well depth category, with refund limitations capped at $25 million annually

Extends the "economically at-risk oil or gas lease" exemption program through calendar year 2013, allowing qualified leases to claim exemptions from gross production taxes based on profitability calculations

Becomes effective November 1, 2010