OK SB867

Creates the "Oklahoma Energy Jobs Act of 2017" and renames the 2011 Shale Reservoir Development Act as the "Extended Horizontal Well Development Act"

Authorizes the Corporation Commission to establish spacing rules for horizontally drilled oil or gas wells with spacing units up to 1,280 acres (doubled from 640 acres) plus tolerances and variances

Permits multiunit horizontal wells in targeted reservoirs and adjacent common sources of supply when the Commission finds such wells will prevent waste and protect correlative rights of owners

Allows horizontal spacing units to coexist with previously established nonhorizontal drilling and spacing units in the same common source of supply, with each unit separately developed and production allocated according to applicable rules

Grants working interest owners separate elections regarding participation in multiunit horizontal wells based on existing production in their spacing units, with limited relinquishment of nonparticipating interests to only the targeted reservoirs actually drilled