OK SB135

Declares legislative findings that advances in horizontal drilling technology for oil and gas wells in shale formations have outpaced existing statutory spacing requirements in Oklahoma.

Authorizes the Corporation Commission to permit horizontal wells in shale formations to drill across unit boundaries, with costs, production, and proceeds allocated proportionally to affected units.

Authorizes unitization of two to four contiguous governmental sections into a single unit for uniform development of shale formations using extended lateral horizontal wells.

Contains emergency clause making the act effective immediately upon passage and approval to preserve public peace, health and safety.