OK SB78

Amends 52 O.S. 2011, Sections 87.6 and 87.8 regarding the 2011 Shale Reservoir Development Act to authorize multiunit horizontal wells in targeted areas including shale reservoirs and portions of the Marmaton common source of supply located in Texas and Beaver Counties.

Expands definitions in the Act to include "targeted reservoir" (any shale reservoir or Marmaton portion) and "Marmaton common source of supply" to replace previous "shale" references, broadening the scope of permitted well development.

Requires the Corporation Commission to allocate drilling, completion, production costs and commingled production from multiunit horizontal wells to affected units based on allocation factors, with authority to adjust factors to prevent waste and protect correlative rights.

Establishes procedures for multiunit horizontal well applications, including 15-day notice to affected parties, Commission jurisdiction retention, and requirements that wells prevent waste and aid full development of affected units based on available information.

Declares an emergency effective upon passage and approval.