(a) State land managers may execute oil and gas leases and other related contracts for lands under their jurisdiction. The leases and contracts shall be upon terms and conditions which the manager finds most beneficial to the interests of the State.

(b) When a State land manager proposes to lease State lands for oil and gas purposes, he or she shall notify the Board and forward a copy of the proposed lease. The Board shall review and comment on the terms of the proposed lease and shall specify additional terms and conditions necessary or advisable to accomplish the purposes of this chapter.

(c) Each State land manager shall require, as a condition to the issuance of any oil and gas lease that the lessee make available to the Board all exploration and production information, logs, and records resulting from operations under the lease. Such information shall be held confidential; provided, however, that the State Geologist shall have access to this information.

(d) State oil and gas leases may be assigned only with the written consent and approval of the State land manager having jurisdiction.

(e) All proceeds from State leases or other related contracts shall be paid into the General Fund. (Added 1981, No. 240 (Adj. Sess.), § 2, eff. April 28, 1982.)