Okla. Admin. Code § 710:45-9-81

Current through Vol. 42, No. 7, December 16, 2024

Section 710:45-9-81 - Definitions

The following words and terms, when used in this Chapter, shall have the following meaning, unless the context clearly indicates otherwise:

"Active production days" means any day in which oil or natural gas was produced by the lease as reflected in the daily production logs.

"Economically at-riskoil or gas lease" means beginning with calendar year 2022, and each year thereafter:

(A) Any Tax Commission assigned production unit number classified as an oil lease that operated at a net profit which is less than the total gross production tax remitted for such lease during the tax reporting year with an average production volume per well of ten (10) barrels of oil and the monthly average price of oil for the year was less than Fifty Dollars ($50.00) per barrel; and

(B) Any Tax Commission assigned production unit number classified as a gas lease that operated at a net loss or a net profit which is less than the total gross production tax remitted for such lease during the tax reporting year with an average production volume per lease of sixty (60) MCF of natural gas per day and the "monthly average price of gas" for the year was less than Three Dollars and Fifty Cents ($3.50) per MMBtu.

Okla. Admin. Code § 710:45-9-81

Added at 14 Ok Reg 2696, eff 6-26-97; Amended at 15 Ok Reg 2156, eff 4-22-98 through 7-14-98 (emergency)¹; Amended at 17 Ok Reg 2668, eff 6-25-00; Amended at 23 Ok Reg 2816, eff 6-25-06; Amended at 25 Ok Reg 2039, eff 7-1-08

Amended by Oklahoma Register, Volume 34, Issue 24, September 1, 2017, eff. 9/11/2017

Amended by Oklahoma Register, Volume 40, Issue 22, August 1, 2023, eff. 8/11/2023

Amended by Oklahoma Register, Volume 41, Issue 22, August 1, 2024, eff. 11/1/2024

¹This emergency action expired without being superseded by a permanent action. Upon expiration of an emergency amendatory action, the last effective permanent text is reinstated. Therefore, on 7-15-98 (after the 7-14-98 expiration of the emergency action), the text of 710:45-9-81 reverted back to the permanent text that became effective 6-26-97, as was last published in the 1997 OAC Supplement, and remained as such until amended again by permanent action on 6-25-00.