HB2264 Summary

• Renames the "2011 Shale Reservoir Development Act" to the "2011 Horizontal Well Development Act" to reflect broader application beyond shale formations

• Authorizes the Corporation Commission to approve multi-unit horizontal wells in "targeted reservoirs" (previously limited to shale reservoirs) to prevent waste and protect correlative rights of oil and gas owners

• Expands the definition of "associated common source of supply" to include reservoirs inadvertently encountered or placed in communication with horizontal wells through any completion technique, including fracture stimulation

• Establishes allocation procedures for multi-unit horizontal wells, including allocation of drilling/completion costs, production, and proceeds to each affected unit based on the length of the completion interval within each unit

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