More Water, More Energy, and Less Waste Act of 2007 - Directs the Secretary of the Interior to study and report to specified congressional committees on: (1) obstacles to reducing the quantity of produced water (water that is brought to the surface as part of the process of exploration for or development of oil, natural gas, coal-bed methane, or any other substance to be used as an energy source) and to increasing the extent to which produced water can be used for irrigation and other purposes without adversely affecting water quality or the environment; (2) actions that could reduce or eliminate such obstacles; and (3) the costs and benefits associated with reducing or eliminating such obstacles.
Directs the Secretary to provide financial assistance for the development of facilities, technologies, and processes to demonstrate the feasibility, effectiveness, and safety of: (1) optimizing energy resource production by reducing the quantity of produced water generated; or (2) increasing the extent to which produced water may be recovered and made suitable for irrigation, municipal, or industrial uses or other purposes without adversely affecting water quality or the environment. Requires such assistance to be provided for: (1) at least one project in each of the Upper Basin States (Colorado, New Mexico, Utah, and Wyoming); and (2) at least one project in at least one of the Lower Basin States (Arizona, California, and Nevada). Prohibits such assistance from exceeding $1 million for any project or from being used to pay more than 50% of project cost or for facility operation or maintenance. Authorizes appropriations.