A Friend of Unfair Park sends this, via SMU's Twitter account:
Alert: SMU Main Campus Only: There is an emergency on campus. Please shelter in the nearest building now. Do not go outside. Will update.
Just checked The News site, where it notes only that "a student says a professor has told them it is a gas leak." The nearby Patrick Michels is headed that way now.
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Update: Yup, gas leak by Moody Coliseum. And, as it's been pointed out in the comments, SMU's Twitter account has updated accordingly: "Gas Leak at SMU Recap: Gas leak on the east side of the Binkley Garage. Repair crews are on site. Stay away from the area."