SB 767 Summary

• Transfers all duties, assets, and obligations of the Commission on Marginally Producing Oil and Gas Wells to the Committee for Sustaining Oklahoma's Energy Resources effective July 1, 2013.

• Terminates all Commission members and employees as of July 1, 2013, with employees receiving payment for accrued annual leave and eligible benefits.

• Creates the Committee for Sustaining Oklahoma's Energy Resources with 12-18 members including the Secretary of Energy, four independent oil and gas operators (one from each Corporation Commission district), representatives from industry associations, royalty owners, and university representatives.

• Transfers the existing production fee structure ($0.0035 per barrel of oil; $0.00015 per 1,000 cubic feet of natural gas) and fee refund procedures to the new Committee, and transfers remaining funds from the old Commission's revolving fund to the new Sustaining Oklahoma's Energy Resources Revolving Fund.

• Repeals statutes creating the old Commission and recodifies fee provisions under new statutory sections; declares an emergency to make the act effective immediately upon passage.