Oklahoma

Oklahoma - HOUSE BILL 2775

An Act relating to oil and gas; amending 52 O.S. 2011, Section 570.10, which relates to payment of proceeds from sale of oil and gas production; establishing liability for withholding certain royalty payments; removing annual requirement of compounding certain interest; adding persons who may require holder of certain funds to interplead certain funds into court; removing certain interest sums from being subject to certain court proceedings; instructing operator to deem

Oklahoma - SENATE BILL NO. 1143

An Act relating to oil and gas; amending 52 O.S. 2011, Section 570.10, which relates to payment of proceeds from sale of oil and gas production; prohibiting nonpayment of certain interest on proceeds; modifying the interest rate on certain proceeds; modifying timeline certain proceeds earn interest; authorizing certain persons to initiate legal action in certain circumstances; and providing an effective date. SOURCE: http://webserver1.lsb.state.ok.us/cf_pdf/2017-18%20FLR/SFLR/SB1143%20SFLR.PDF

Devon Energy Announces $553 Million Sale of Johnson County Assets

Devon Energy Corp. (NYSE: DVN) announced today it has entered into a definitive agreement to sell the southern portion of its Barnett Shale position for $553 million. The transaction is subject to customary terms and conditions and is expected to close in the second quarter of 2018. “Combined with other recent asset sales, divestiture proceeds associated with our 2020 Vision have now reached $1.0 billion,” said Dave Hager, president and CEO. “In conjunction with this asset