OK SB768

Amends the 2011 Shale Reservoir Development Act by revising the definition section (52 O.S. 2011, Section 87.6) to clarify and expand terminology related to horizontal well drilling and shale reservoir development in Oklahoma.

Adds provision requiring plan of development to include "the conditions upon which the unit will terminate" as part of the anticipated timing and sequence of drilling of horizontal wells.

Defines 22 key terms including "allocation factor," "horizontal well," "multiunit horizontal well," "wellbore royalty interest," and "targeted reservoir" to establish uniform language for shale development operations.

Specifies that a horizontal well must have a horizontal component exceeding the vertical component for at least one lateral and extending a minimum of 150 feet in the formation.

Becomes effective November 1, 2017.