If the proceeds or other intangible property interest from any mineral interests are abandoned for a period of fifteen (15) years, as provided for in the Uniform Unclaimed Property Act, then the mineral interest which generates the intangible property interest shall not be subject to escheat, but shall be subject to judicial sale by the state as provided for in Sections 273 through 277 of this title.
If a judgment is rendered in favor of the state in such proceedings, a sale of the mineral interest shall be ordered, then:
1. All abandoned mineral interests within a single production unit shall be grouped together as far as practicable for purposes of sale; and
2. Any interest sold by the state shall remain subject to all prior valid pooling and drilling orders, rules, or regulations of the Corporation Commission; and
3. The record owner or owners of the surface from which abandoned mineral interests have been severed shall be mailed at the last-known address as shown by the records of the county treasurer a notice of the sale of such abandoned mineral interest at least thirty (30) days prior to said sale; and
4. The successful bidder at said sale shall pay the costs and expenses of bringing the action as determined by the court.
Added by Laws 1978, c. 229, § 2, eff. Jan. 1, 1979. Amended by Laws 1983, c. 184, § 1, eff. June 9, 1983; Laws 1984, c. 7, § 1, eff. Nov. 1, 1984; Laws 2005, c. 421, § 3, emerg. eff. June 6, 2005.