SB971 Summary

• Amends 52 O.S. Section 87.1 regarding oil and gas well spacing and drilling units for common sources of supply.

• Allows owners electing to participate in drilling the initial well in a spacing unit under a pooling order to participate in any subsequent wells drilled in that unit and receive a separate election on each subsequent well.

• Maintains existing Corporation Commission authority to establish, modify, and enforce well spacing units while protecting correlative rights of interested parties.

• Declares an emergency effective date for immediate implementation upon passage and approval.