SECTION 385:15-1-1. Purpose

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The rules of this chapter have been promulgated to establish the requirements and procedures whereby an interested party may acquire an oil and gas mining lease from the State of Oklahoma upon school land. Said rules describe the progressive steps that are required in order to lease these properties by the State's sealed bid process. These rules also describe the bond and fee requirements to obtain a lease, the State's consent to assignments, the grounds for lease cancellation, requirements for well and surface maintenance, price guidelines for the computation of the State's royalty, and those reports required to be filed with the State by the Lessee.

[Source: Amended at 15 Ok Reg 1745, eff 5-12-98]

                    
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