OK SB1882

Extends the expiration date for the variable gross production tax rate structure on oil from June 30, 2010 to June 30, 2013, maintaining tiered rates based on average Oklahoma oil prices.

Extends the expiration date for the variable gross production tax rate structure on gas from June 30, 2010 to June 30, 2013, maintaining tiered rates based on average Oklahoma gas prices.

Extends the average price computation methods for oil and gas from June 30, 2010 to June 30, 2013, used to determine applicable tax rates for the third month following production.

Extends the economically at-risk oil and gas lease exemption program through calendar year 2013 (originally ending after 2010), allowing qualifying leases to claim partial gross production tax refunds.

Declares an emergency, making the act effective immediately upon passage and approval.