OH SB327

Amends Ohio Oil and Gas Law to allow applicants with 65% landowner consent to directly apply for unit operation without requiring the division chief to initiate hearings, while maintaining the chief's authority to order unit operations on their own motion.

Establishes expedited application review procedures requiring the chief to determine application completeness within 5 business days and hold hearings within 45 days of application determination.

Specifies that the discounted cash flow valuation formula in section 5713.051 is the exclusive method for determining the true value of oil and gas reserves for property tax purposes, eliminating alternative valuation methods.

Clarifies liability protections for unleased mineral rights owners in unit operations, limiting their liability for damages to situations arising from purposeful or grossly negligent acts.

Provides a 24-month grace period for applicants with orders issued before January 1, 2016, before they must commence unit operations.