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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 52. OIL AND GAS

  § 52-555. Investment of funds - Apportionment of interest.  

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  • The State Treasurer shall invest the monies in the Mineral Owner's Fund and shall annually apportion the interest earned as follows:

    1.  Twenty-five percent (25%) to the Corporation Commission to be used for plugging abandoned oil and gas wells, pursuant to Sections 308 et seq. of this title, not to exceed Three Hundred Thousand Dollars ($300,000.00) per year; provided, that any amount that would cause funds available for that purpose to exceed Five Hundred Thousand Dollars ($500,000.00) in any one (1) year shall remain in the Mineral Owner's Fund;

    2.  Fifty percent (50%) to the State Treasurer but not more than Two Hundred Thousand Dollars ($200,000.00) per year, to be spent for advertising, personnel and other expenses incurred to search for the rightful owners of unclaimed intangible property generated by mineral interests; and

    3.  Any remaining interest shall be added to the principal of the Mineral Owner's Fund.

Added by Laws 1983, c. 320, § 5.  Amended by Laws 1999, c. 10, § 36, eff. July 1, 1999; Laws 2003, c. 468, § 7, eff. July 1, 2003.