Bill No. 1371 amends the Production Revenue Standard Act in Oklahoma, specifically addressing the payment of proceeds from oil and gas production. The bill clarifies that proceeds from production are to be treated as separate from other funds until paid to the rightful owners. It establishes timelines for payment, including provisions for annual remittance of small amounts and the handling of proceeds when title issues arise. Notably, the bill introduces a new provision stating that if a payment check is returned as undeliverable or is not cashed, the proceeds will not accrue interest after the check's mailing date, provided the payor maintains proper records.

Additionally, the bill outlines the responsibilities and liabilities of first purchasers, working interest owners, and operators regarding the timely payment of proceeds. It specifies that if payments are not made within the designated timeframes, interest will accrue, with shared liability among multiple parties if applicable. The bill also allows for electronic payment methods upon mutual consent and ensures that existing contractual rights related to gas balancing agreements are not affected. The act is set to take effect on November 1, 2025.