OK SB897

Extends the termination date of the Corporation Commission Plugging Fund maintenance requirement from July 1, 2026 to July 1, 2031.

Maintains the required plugging fund balance at Five Million Dollars ($5,000,000.00) through July 1, 2031.

Authorizes the Corporation Commission to spend up to 8% of the previous fiscal year's plugging fund deposits annually for responding to seeping natural gas occurrences and emergency situations with environmental or public safety impact.

Requires the Corporation Commission to notify the Oklahoma Tax Commission if the plugging fund falls below the $5 million maintenance level, triggering additional excise tax collection on oil and gas until the fund is restored.

Takes effect November 1, 2025.