This bill amends the Oil and Gas Reclamation Fund by increasing the percentage of tax revenue from the Oil and Gas Conservation Tax Act that is allocated to the fund. Starting July 1, 2027, the distribution will be fifty percent, increasing to seventy-five percent in 2028, and reaching one hundred percent from 2029 until 2037, after which it will revert to fifty percent. Additionally, the bill expands the permissible uses of the fund, allowing for expenditures related to statewide education on energy and emissions, with a cap of $250,000 annually starting in 2028.

The bill also outlines the administration of the fund by the energy, minerals, and natural resources department, which will oversee the reclamation of abandoned wells and associated sites. It includes provisions for indemnification against costs incurred during these reclamation efforts and mandates an annual report on fund usage to be submitted to the governor and legislature. The effective date for these changes is set for July 1, 2027.

Statutes affected:
introduced version: 7-1-6.21, 70-2-37, 70-2-38
EN substitute: 7-1-6.21, 70-2-37, 70-2-38
Final Version: 7-1-6.21, 70-2-37, 70-2-38