OK SB1577

Modifies definition of "economically at-risk oil or gas lease" effective January 1, 2015, to require wells with average production of 10 barrels of oil or 60 MCF of natural gas per day or less, operated at a net loss or net profit less than total gross production tax remitted in previous calendar year.

Sets gross production tax exemption amounts at six-sevenths (6/7) of tax levied at 7% rate and three-fourths (3/4) of tax levied at 4% rate; no exemption applies at 1-2% tax rates.

Limits total refunds for calendar years 2015-2020 to $12,500,000 per year for all products combined, with Tax Commission determining proportionate shares if claims exceed this cap.

Establishes refund claim deadlines: for production through December 31, 2015, claims cannot be made until after July 1 of subsequent year; for production from 2016 onward, claims must be filed before July 1 of the following year.

Restricts exemptions to production from calendar years 2005-2013 (with December 31, 2015 claim deadline) and calendar years 2014-2020 (with 18-month claim deadline for 2014-2015 production and July 1 deadline for 2016-2020 production).