OK SB242

Establishes the 2011 Shale Reservoir Development Act to authorize horizontal drilling and multi-unit horizontal wells in Oklahoma shale formations

Creates Corporation Commission jurisdiction to approve multi-unit horizontal wells that span multiple drilling units, with allocation of costs and production based on completion interval length in each unit

Authorizes creation of horizontal well unitization for shale reservoirs (2-4 governmental sections) requiring 63% consent from working interest owners and royalty owners

Requires plan of development for proposed units including well locations, drilling sequence, and allocation factors; maintains Corporation Commission retained jurisdiction over approved units

Amends existing spacing statutes (Sections 87.1 and 287.3) to permit expanded unit sizes and accommodate horizontal well operations while protecting correlative rights and preventing waste