This bill establishes new regulations regarding oil and gas production in Oklahoma, specifically focusing on the impact of such operations on agricultural land and water resources. It defines key terms such as "agricultural land," "best environmental practices," "operator," and "produced water." The Corporation Commission is tasked with levying an annual surface impact fee of $25 per acre for disturbances on agricultural land and a produced water impact fee of $0.01 per barrel. Operators can receive credits for implementing best environmental practices and for recycling produced water, which can significantly reduce their fees.

Additionally, the bill creates the Water and Agricultural Protection Revolving Fund within the State Treasury, which will be funded by the fees collected under this act, as well as federal grants and private contributions. This fund is intended to support various initiatives, including groundwater testing, land restoration, and the plugging of abandoned wells. The Corporation Commission is authorized to promulgate rules to implement these provisions, and the act is set to take effect on November 1, 2026.