HB2646 Summary

• Amends 52 O.S. 2011, Section 570.10 regarding payment of proceeds from oil and gas production sales

• Changes interest rate on unpaid oil and gas production proceeds from 12% per annum (compounded annually) to a rate equal to the prime rate plus 3%, as certified by the State Treasurer on the first business day following publication in January of each year

• Maintains 6% interest rate for proceeds held due to unmarketable title issues

• Effective date is July 1, 2014, with emergency clause for immediate implementation