Okla. Stat. tit. 52 § 570.12

Current through Laws 2024, c. 453.

Section 570.12 - Information to be included with payments to interest owner - Calculation of revenue decimals - Measurement of gas volume reported - Electronic dissemination

A. The following information for each property and month of sale shall be included with each payment made to an interest owner from the sale of oil or gas:

1. Lease or well identification;

2. Month and year of sales included in the payment;

3. Total barrels or MCF attributed to such payment;

4. Price per barrel or MCF, including British Thermal Unit adjustment of gas sold;

5. Total amount attributed to such payment of severance and other production taxes, with the exception of windfall profit tax;

6. Net value of total sales attributed to such payment after taxes are deducted;

7. Owner's interest, expressed as a decimal, in production from the property;

8. Owner's share of the total value of sales attributed to such payment prior to any deductions;

9. Owner's share of the sales value attributed to such payment less owner's share of the production and severance taxes; and

10. A specific listing of the amount and purpose of any other deductions from the proceeds attributed to such payment due to the owner upon request by the owner.

B. For purposes of the Production Revenue Standards Act:

1. All revenue decimals shall be calculated to not less than the nearest sixth decimal place, which is the nearest part in one million; and

2. Gas volumes reported to any owner shall be measured as required by Section 474 of this title.

C. All information required to be included under subsection A of this section may be provided or made available to an owner by electronic means including but not limited to electronic mail or a website or database accessible to the owner, upon the mutual written consent of the information provider and the owner.

Okla. Stat. tit. 52, § 570.12

Added by Laws 1992, SB 168, c. 190, §12; Amended by Laws 2010 , HB 2697, c. 152, §2, emerg. eff. 4/20/2010.