Yeah, University of Oklahoma does provide scholarships based on merit. Here are some of them:

Award of Excellence Scholarship
Total Worth: $9,000 per year
Eligibility: $9,000 per year
Minimum Criteria: 31 ACT, 1420 SAT, 3.75 GPA or top 10% class rank

Distinguished Scholar Scholarship
Total Worth: $8,000 per year
Eligibility: $8,000 per year
Minimum Criteria: 29 ACT, 1350 SAT, 3.75 GPA or top 10% class rank

University Scholarship
Total Worth: $7,000 per year
Eligibility: $7,000 per year
Minimum Criteria: 28 ACT, 1310 SAT, 3.5 GPA or top 10% class rank

University of Oklahoma provides aids at an average of 13004 per student meeting 77% of students need. 98% of students with need receive financial aid at an average of 6946 need-based grant. They also provide other scholarships including National Merit Finalist Scholarship and National Merit Semifinalist Scholarship.