OK SB971

Amends 52 O.S. Section 87.1 to allow owners of oil and gas rights who participate in drilling the initial well on a spacing unit to have a separate election on participation for each subsequent well drilled in that same spacing unit under a pooling order.

Removes a provision that automatically de-spaced well spacing units exceeding 640 acres for gas wells (plus 10% tolerance) that were not in production or actively drilling as of the effective date.

Maintains existing Corporation Commission authority to establish uniform well spacing and drilling units to prevent waste and protect correlative rights of interested parties.

Authorizes the Corporation Commission to allow drilling of additional wells within established units and to modify spacing unit sizes and shapes based on geological evidence and development trends.

Declares an emergency effective date for immediate implementation of the law.