Posted on Feb 28, 2017 by J.Starr |
The Oklahoma Senate recently introduced SB 731, which would govern the escheatment of proceeds paid from oil and gas production. If an operator of an oil or gas well provides written notice of an unmarketable title, after two years the operator may consider all accrued proceeds related to the title to be abandoned. The operator may then remit these proceeds pursuant to the Unclaimed Property Act until such time as the title is marketable.
Check back in to our blog to track the progress of this important legislation, which could have a significant on the oil & gas industry. Contact JMS with questions or concerns about escheat compliance.