The bill amends Section 180.10 of Title 17 of the Oklahoma Statutes, which pertains to the Corporation Commission Plugging Fund. Key modifications include changing the terminology from "said" to "the" in reference to the fund and extending the termination date of the fund from July 1, 2026, to July 1, 2036. The bill establishes that the plugging fund must be maintained at a minimum level of five million dollars ($5,000,000.00). 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 clarifies that expenditures from the plugging fund can be made for emergency situations with potential environmental or public safety impacts, and it outlines the process for drawing warrants for these expenditures. The act is set to take effect on November 1, 2025.