A. The Commission is hereby authorized to lease any lands owned by the State of Oklahoma under the control and management of said Commission under such terms and conditions as the Commission may prescribe and for the following purposes:
1. For grazing or agricultural purposes when the same will not be inconsistent with state or federal laws, rules or regulations;
2. For oil, gas and other mineral rights for a term of five (5) years or as long thereafter as oil and gas and other minerals may be produced therefrom in paying quantities.
B. The Commission shall advertise any lands which it proposes to lease on a competitive basis and may accept or reject all bids received.
C. All oil, gas and mineral leases executed by the Commission shall provide for reservation to the state of a royalty of not less than one-eighth (1/8) part of all oil, gas or minerals produced from the leased premises or, in lieu thereof, the market value of a one- eighth (1/8) part, and the payment of an annual delay rental a minimum of One Dollar ($1.00) per acre per year or such larger sum which shall be fixed by the Commission in advance of the advertisement of such lands.
D. Profits derived from all bonuses, rents and royalties shall be deposited in the State Wildlife Conservation Fund.
E. Nothing contained within this section shall affect the land or minerals and mineral rights under the jurisdiction and control of the Commissioners of the Land Office of the State of Oklahoma, or any other department or agency of government.
Laws 1974, c. 17, § 3-304, emerg. eff. April 8, 1974.