SB 614 Summary

• Amends the Production Revenue Standards Act (52 O.S. Section 570.10) to modify interest requirements on unpaid oil and gas production proceeds.

• Establishes 12% annual compound interest on production proceeds not paid within required timeframes (6 months for initial payment, then monthly or quarterly depending on production type).

• Sets 6% annual compound interest on proceeds withheld due to unmarketable title, with provisions allowing court interpleader after 120 days and presumption of abandonment after 2 years.

• Provides exemptions from interest penalties when mineral owners elect in-kind production or cannot be located after reasonable inquiry and proceeds are remitted under the Unclaimed Property Act.

• Allows production proceeds payments by electronic means (ACH, wire transfer, direct deposit) with mutual written consent and becomes effective November 1, 2015.