Oklahoma Senate Bill 385 (2015)

• Amends 52 O.S. Section 87.1 to modify the Corporation Commission's authority over oil and gas well spacing units for common sources of supply, allowing establishment of units for vertical or horizontal development that can coexist independently.

• Authorizes the Commission to establish drilling and spacing units up to 640 acres for gas wells plus 10% tolerance, with smaller units (40-80 acres) for shallow oil wells depending on depth, except for reservoir dewatering operations.

• Requires the Commission to protect correlative rights and vested rights of interested parties when modifying, amending, or creating new drilling and spacing units, and to consider all relevant evidence with appropriate weight in pooling hearings.

• Establishes new provisions allowing owners participating in initial wells under pooling orders entered after January 1, 2016 to have separate elections on subsequent wells, with rights to participate remaining intact unless they elect not to participate in a specific well.

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