More Water, More Energy, and Less Waste Act of 2007 - Directs the Secretary of the Interior, acting through the Commissioner of Reclamation, the Director of the U.S. Geological Survey, and the Director of the Bureau of Land Management (BLM), to conduct a study to identify: (1) the obstacles to reducing the quantity of produced water (water from an underground source that is brought to the surface as part of the 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 or other purposes without adversely affecting water quality or the environment; and (2) the actions that could reduce or eliminate such obstacles and the associated costs and benefits.
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 specified purposes. Requires such assistance to be provided for at least one project in: (1) each of the Upper Basin States (Colorado, New Mexico, Utah, and Wyoming); and (2) each of the Lower Basin States (Arizona, California, and Nevada). Prohibits such assistance from exceeding $1 million per project, from being used to pay more than 50% of the total project cost, or from being used for facility operation or maintenance.