A. The Office of Management and Enterprise Services is hereby authorized and empowered to offer for sale and sell and execute and deliver oil and gas or mineral leases upon the lands described in Section 1 of Title 73 under the control of said Office of Management and Enterprise Services. The Office of Management and Enterprise Services is hereby authorized and empowered to enter into contracts with persons or corporations for the drilling of oil and gas wells on any such property owned by the state. No such lease or drilling contract shall be entered into by said Office of Management and Enterprise Services which provides for the payment of a royalty to the State of Oklahoma of less than one-eighth (1/8) of all of the oil, gas, or casinghead gas produced, saved, and sold from said lands, plus cash bonus, of the royalty in said leases. Such Office shall give notice of its intention to offer for sale said lease or drilling contract by advertising said fact for a period of at least twenty-one (21) days in a legal newspaper published and of general circulation in the county where said lands are located. The Office shall award such lease, leases, or drilling contracts to the highest and best bidder. All bidding shall be by sealed written bids filed with said Office of Management and Enterprise Services.
B. The monies received as royalties, bonuses, or rentals by the Office of Management and Enterprise Services for the use and benefit of this state not paid by said Office of Management and Enterprise Services to the Treasurer shall be credited into the General Revenue Fund. All royalties, bonuses, and rentals accruing to the state from any contracts or leases executed pursuant to the provisions of subsection A of this section and all other monies received from the sale of any such leases, bonuses, and royalties or other contracts made by said Office of Management and Enterprise Services shall be credited to the Public Building Fund of the State of Oklahoma.
Added by Laws 1935, p. 22, § 1, emerg. eff. May 13, 1935. Amended by Laws 1936, Ex. Sess., p. 22, § 1, emerg. eff. Jan. 6, 1937; Laws 1937, p. 86, § 1, emerg. eff. May 14, 1937; Laws 1983, c. 304, § 121, eff. July 1, 1983; Laws 2012, c. 304, § 799. Renumbered from § 98 of Title 74 by Laws 2013, c. 209, § 21, eff. July 1, 2013.