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.Added by Laws 1987, c. 204, § 39, operative July 1, 1987. Amended by Laws 1992, c. 190, § 16, eff. July 1, 1993; Laws 2010, c. 41, § 48, emerg. eff. April 2, 2010. Renumbered from § 293 of this title by Laws 2010, c. 41, § 125, emerg. eff. April 2, 2010. Amended by Laws 2024, c. 80, § 2, eff. Nov. 1, 2024.
Oklahoma Legal Code