OK HB2264

Renames the "2011 Shale Reservoir Development Act" to the "2011 Horizontal Well Development Act" to reflect expanded applicability beyond shale formations to other targeted reservoirs.

Expands the Corporation Commission's authority to permit multiunit horizontal wells in any "targeted reservoir" determined suitable for horizontal development, not limited to shale formations alone.

Modifies the definition of "associated common source of supply" to include any common source of supply that may be encountered or placed in communication with a horizontal well through drilling or completion techniques, including fracture stimulation.

Clarifies that participating owners in multiunit horizontal wells own undivided interests in the wellbore proportional to their cost contributions, establishes allocation factors based on completion interval length within each unit, and requires allocation of royalty proceeds using a "wellbore royalty interest" formula.

Declares an emergency effective date, allowing the act to take effect immediately upon passage and approval by the Governor.