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ENGROSSED SENATE
BILL NO. 1514 By: Paxton of the Senate
and
Boles of the House
An Act relating to the Commissioners of the Land
Office; amending 52 O.S. 2021, Section 570.14, which
relates to the Production Revenue Standards Act;
providing certain statutes of limitations be applied
to the Office; amending 64 O.S. 2021, Section 1073,
which relates to oil and gas leases of the Office;
conforming language; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 52 O.S. 2021, Section 570.14, is
amended to read as follows:
Section 570.14. A. The district courts within this state shall
have the sole and exclusive jurisdiction to determine the
entitlement of any owner i n a well to:
1. Its share of proceeds from production; or
2. Damages, interest, court costs, attorneys’ attorney fees or
allowable litigation expenses incurred as a result of the violation
of this act the Production Revenue Standards Act .
B. Any rulemaking power granted to the Corporation Commission
by the Production Revenue Standards Act shall neither preclude nor
impair the right of any owner to obtain through the district courts
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remedies available under existing law or additional remedies herein
granted to any owner injured in business or property by reason of
any action in violation of the provisions of the Production Revenue
Standards Act.
C. Any owner injured in business or property by r eason of any
action in violation of the provisions of the Prod uction Revenue
Standards Act shall have the right to:
1. Recover actual damages so sustained; and
2. Obtain specific performance where equitable.
The prevailing party in any court proceeding brought pursuant to the
Production Revenue Standards Act shall be entitled to recover the
costs of the suit, including but not limited to reasonable attorney
and expert witness fees.
D. 1. For purposes of the Production Revenue Standards Act,
the statute of limitations on actions brought pursuant to the
provisions of the Production Revenue Standards Act shall be five (5)
years from the date the cause of action shall have accrued ,;
provided, however, nothing shall create, limit or expand any statute
of limitations applicable to production occurring prior to September
1, 1992.
2. The statute of limitations provided for pursuant to this
subsection shall also apply to the Commissioners of the Land Office.
SECTION 2. AMENDATORY 64 O.S. 2021, Section 1073, is
amended to read as follows:
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Section 1073. A. The royalty proceeds derived from the sale of
oil or gas production under any oil and gas lease granted by the
Commissioners of the Land Office shall be paid to the Commissioners
pursuant to the terms of the Production Revenue Standards Act.
B. The statute of limitations established pursuant to Section
570.14 of Title 52 of the Oklahoma Statutes shall apply to the
Commissioners of the Land Office as it relates to the Production
Revenue Standards Act.
SECTION 3. This act shall beco me effective November 1, 2024.
Passed the Senate the 14th day of March, 2024.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2024.
Presiding Officer of the House
of Representatives