Oklahoma § 64-1063 - Leases authorized - Duration, terms and conditions Public competition - Assignment

§ 64-1063. Leases authorized - Duration, terms and conditions Public competition - Assignment

The Commissioners of the Land Office are authorized to lease for

oil and gas purposes any of the school or other lands owned by the

State of Oklahoma, which such Commissioners may deem valuable for

oil and gas. Each such lease shall be a commence-type lease and

Oklahoma Statutes - Title 64. Public Lands

shall provide for a term not less than one year and not to exceed

five (5) years and as long thereafter as oil or gas may be produced

therefrom in paying quantities, upon such terms and conditions and

in such quantities as the Commissioners shall by rules and

regulations prescribe. Each such lease shall provide for the

delivery to the state of a royalty of not less than one-eighth (1/8)

part of the oil or gas produced from the leased premises or in lieu

thereof the payment to the state of the market value of said royalty

interest, as the Commissioners may elect. The leases shall be

offered by public competition after notice of the lease auction

published one time not less than thirty (30) days prior to the lease

auction date in two newspapers authorized by law to publish legal

notices. One of the newspapers shall be published in the county

where the land is located or other newspaper as authorized by

Section 106 of Title 25 of the Oklahoma Statutes. The other shall

be a newspaper of general circulation in this state. Such leasing

shall be let by sealed bids and each lease awarded to the highest

responsible bidder, such oil and gas leases may be assigned only

with the consent and approval of the Commissioners of the Land

Office; provided, the Commissioners have the right to reject any and

all bids. The Commissioners of the Land Office shall provide any

other notice of oil and gas lease sales to all interested parties by

any means it determines is needed to attract the best competition.

Added by Laws 1917, c. 253, p. 462, § 1. Amended by Laws 1968, c.

243, § 1, emerg. eff. April 24, 1968; Laws 1981, c. 54, § 1, eff.

Oct. 1, 1981; Laws 2003, c. 205, § 2, eff. July 1, 2003. Renumbered

from § 281 of this title by Laws 2010, c. 41, § 115, emerg. eff.

April 2, 2010.