This bill establishes new regulations regarding oil and gas operations in Oklahoma, specifically focusing on the liability of successors in the event of a transfer of operator status, well ownership, or operating interests. It defines key terms such as "operator," "successor," and "transfer," and outlines the conditions under which a successor can be held jointly and severally liable for the plugging and site-restoration obligations of a transferring operator. The bill mandates that successors conduct due diligence regarding the condition of wells and associated liabilities before any transfer, and it requires transferring operators to provide accurate information about well conditions and estimated plugging costs.

Additionally, the bill grants surface rights owners the right to request documentation related to due diligence and environmental conditions, and allows them to file petitions with the Corporation Commission if they believe due diligence has been inadequate. It prohibits retaliatory actions against surface rights owners who exercise their rights under this section and establishes that no transfer is effective without the Commission's approval. The bill also clarifies that it does not limit the state's rights under existing laws related to fraudulent transfers or environmental statutes. The effective date for this legislation is set for November 1, 2026.