OK SB731

Amends Oklahoma law to establish payment timelines for oil and gas production proceeds, requiring initial payment within 6 months of first sale and subsequent payments by the last day of the second or third succeeding month depending on production type.

Allows proceeds of $10-$100 to be remitted annually, with monthly payment options available for amounts over $25 upon recipient request and proper notice by the payor.

Establishes interest penalties of 12% per annum for late payments and 6% per annum for proceeds withheld due to unmarketable title, with exceptions for production taken in kind or proceeds remitted to state unclaimed property accounts.

Permits operators to deem proceeds abandoned and remit them under the Unclaimed Property Act if title remains unmarketable for 2 years after written notice, or to interplead proceeds into court after 120 days of uncured unmarketable title.

Allows electronic payment methods (ACH, wire transfer, direct deposit) for production revenue upon mutual written consent of payor and payee; effective November 1, 2017.