1. A.

   1. 1. The Oklahoma Conservation Commission shall, subject to availability of appropriations, in consultation with the Carbon Sequestration Advisory Committee, assess agricultural and nonagricultural lands and marginally producing and abandoned oil and/or gas wells in this state for past carbon sequestration and future carbon sequestration potential. 2. The assessment shall seek to quantify carbon sequestration associated with improved agricultural practices, including, but not limited to, soil and vegetation, improved natural resources conservation practices, improved practices for capture and sequestration of carbon dioxide through carbon dioxide injection in marginally producing and abandoned oil and/or gas wells, and other improved methods of stewardship for natural resources . 3. On or before January 1, 2004, the Commission shall publish an updated report of the findings. The Commission may, from time to time, update such findings as advancements in understanding of the processes of carbon sequestration and new data become available. B. The assessment required in subsection A of this section shall be conducted in a manner that provides a means for owners of land in this state to estimate past and future net carbon sequestration resulting from improved agricultural practices, improved natural resources conservation practices, improved practices for capture and sequestration of carbon dioxide through carbon dioxide injection in marginally producing and abandoned oil and/or gas wells, and other improved methods of stewardship of natural resources occurring on their property. C. The Commission may contract and cooperate with the Natural Resources Conservation Service of the United States Department of Agriculture to conduct assessment activities provided for in this section. D. The Commission may apply for and accept grants, gifts, or other sources of public and private funds to carry out the purposes of the Oklahoma Carbon Sequestration Enhancement Act.

Added by Laws 2001, HB 1192, c. 81, § 3, emerg.eff. April 16, 2001; Amended by Laws 2003, HB 1051, c. 221, § 3, emerg. eff. May 20, 2003 (superseded document available).