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Oklahoma House approves bill to put $12.5M cap on 'at-risk' oil wells

Randy Ellis | NewsOK

In a dramatic late night session, the state House of Representatives on Thursday voted to place a $12.5 million annual cap on rebates that can be claimed on production from "economically at-risk" oil and natural gas wells.

The $12.5 million cap, negotiated with industry officials, would help eliminate part of a $1.3 billion budget gap and give lawmakers about $120 million more to fund education and other state government operations.

In addition to establishing a cap, the bill that was passed would limit rebate eligibility to wells that produce an average volume of 10 barrels of oil a day or less, House Speaker Jeff Hickman said.
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