OK SB468

Establishes new Section 137.2 of Title 52 that classifies municipal, county, or political subdivision regulations concerning oil and gas operations as a taking requiring compensation if they interfere with mineral estate use, substantially increase operation costs, reduce fair market value of minerals, or prohibit access to mineral development.

Exempts ordinances, resolutions, rules, regulations, or policies adopted or implemented prior to December 31, 2014 from the taking classification.

Repeals 52 O.S. 2011, Section 137, which previously granted certain powers to cities and towns relating to oil and gas exploration.

Declares an emergency to make the act effective immediately upon passage and approval rather than waiting for normal statutory implementation.