OK SB1350

Amends 52 O.S. 2011, Section 87.1 to remove obsolete language regarding well spacing units exceeding 640 acres for gas wells that are not in production or drilling development.

Removes requirement that well spacing units exceeding 640 acres plus 10% tolerance (or total governmental section acreage) be automatically de-spaced if not producing or drilling on the effective date of the act.

Clarifies that fractional sections along state boundary lines where different survey meridians meet may be spaced with adjoining section units as determined by the Corporation Commission.

Maintains existing provisions allowing the Corporation Commission to establish well spacing and drilling units for common sources of oil and gas supply, including authority for horizontally drilled oil wells up to 640 acres.

Declares an emergency, making the act effective immediately upon passage and approval.