Senate Bill No. 897 amends Section 180.10 of Title 17 of the Oklahoma Statutes, which pertains to the Corporation Commission Plugging Fund. The bill modifies the termination date of the fund from July 1, 2026, to July 1, 2031, ensuring that the fund is maintained at a minimum level of five million dollars. If the fund falls below this threshold, the Corporation Commission is required to notify the Oklahoma Tax Commission to impose an additional excise tax on oil and gas until the fund is restored to the required level.

Additionally, the bill updates statutory language and clarifies that the plugging fund is a continuing fund not subject to fiscal year limitations or legislative appropriations. Expenditures from the fund can be made for responding to natural gas seepage and emergency situations with potential environmental or public safety impacts, following the Oklahoma Central Purchasing Act. The act is set to take effect on November 1, 2025.