The proposed bill, known as the "Well Repurposing Act," establishes a framework for the conversion of oil and gas wells into facilities that support energy storage and geothermal energy development. It defines key terms such as "energy storage" and "geothermal energy development," and grants the Corporation Commission the authority to authorize these conversions. The Commission is also empowered to establish specific fees and financial assurance requirements related to the new uses of the wells.

Additionally, the bill stipulates that oil or gas wells authorized for energy storage and actively operated will not be classified as inactive or abandoned, thus recognizing their beneficial use. However, if such a well ceases operations for twelve months or longer, it must be plugged and abandoned in accordance with state law. The act is set to take effect on November 1, 2026.