The Oklahoma Corporation Commission will meet again on Thursday and will take up a recommended continuation of a proration formula for natural gas production.
Robyn Strickland, Director of Oil and Gas Conservation Division recommended the commission continue with a 50% proration formula. Her recommendation would cover the period of Oct. 1, 2020 and continue until March 31, 2021.
The commission approved the 50% rate during a meeting in March, a drop from the 65% rate that had been routinely approved by commissioners since 1999. The rate also includes a maximum allowable production of 2 million cubic feet per day. The formula approved in March will expire Sept. 30.
The entire agenda for the Thursday meeting can be viewed at:
https://content.govdelivery.com/attachments/OKOCC/2020/08/18/file_attachments/1521040/Regular%20Commission%20Meeting%20Agenda%20August%2020%202020%20combined.pdf
