OK HB2177

Renames the "2011 Shale Reservoir Development Act" to the "Extended Lateral Horizontal Well Development Act" and updates related statutory references.

Authorizes Corporation Commission to allow multiunit horizontal wells in targeted reservoirs as an alternative to creating new drilling and spacing units, with allocation of costs and production based on completion interval length.

Limits multiunit horizontal well development to targeted reservoirs only and grants Commission authority to adjust allocation factors based on testimony and evidence to prevent waste and protect correlative rights.

Modifies pooling requirements so owners in horizontal well unitization can participate in subsequent wells in targeted reservoirs, with specified procedures for participation and relinquishment of rights.

Declares an emergency, making the act effective immediately upon passage and approval.