OK SB311

Reduces the gross production tax rate on oil production from 7% to 5% of gross value, effective November 1, 2025.

Reduces the gross production tax rate on gas production from 7% to 5% of gross value, effective November 1, 2025.

Maintains existing exemptions for secondary and tertiary recovery projects (up to 5 years) and recycled water completions (24 months), with refund caps of $15 million and $10 million per fiscal year respectively.

Updates statutory language to replace "on or after the effective date of this act" with specific reference to "July 18, 2018" for wells spudded prior to that date, which continue to receive 5% tax rate for first 36 months of production.

Preserves conditional tax rate reduction to 2% for first 36 months of production if Article XIII-C of the Oklahoma Constitution is approved by voters through State Question 795.