SB767 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 other benefits as provided by law.

• Creates the Committee for Sustaining Oklahoma's Energy Resources with 12-18 members including the Secretary of Energy, independent oil and gas operators from different districts, royalty owners, and university representatives, serving three-year terms.

• Maintains the existing fee structure of $0.0035 per barrel of petroleum and $0.00015 per 1,000 cubic feet of natural gas, redirecting collections to the Sustaining Oklahoma's Energy Resources Revolving Fund instead of the former Commission fund.

• Repeals sections 700-707 of Title 52 relating to the old Commission on Marginally Producing Oil and Gas Wells and recodifies sections 703-704 as sections 288.5D-288.5E.