SECTION 385:15-1-6. Public bid process

  The public bid process for school land oil and gas lease sales shall be as follows:

(1)   Separate tract requirement. A separate bid showing the tract number and legal description must be filed on each tract. Each tract will be leased separately to the highest responsible bidder. Drilling contracts or production payments will not be considered, except in a special lease sale.

(2)   Sealed bid requirement.

(A)   Written Bids. Bids must be written and enclosed in one sealed envelope, and placed in another envelope bearing notation on the outside front face of the envelope "Bids for Oil and Gas Leases" and the date of sale. Such bids must be delivered to the office of the Commissioners of the Land Office, and if sent by mail shall be addressed to the Commissioners of the Land Office's official business residence [See 385:1-1-13]. (No bid will be considered that is not delivered prior to date and time of sale.), or

(B)   Electronic Bids. Alternatively, the use of electronic bidding shall be permitted subject to the policies, requirements, and procedures contained in the Secretary'sElectronic Bidding Procedures as authorized by the Commissioners of Land Office,available online at www: clo.ok.gov or by request.

(3)   Time of sale. Bids will be received as provided in the Notice of Sale and are subject to the right of the Commissioners of the Land Office to reject any and all bids. (All bidders are invited to attend opening of bids which is held in the office of the Secretary to the Commissioners of the Land Office.)

(4)   Minimum bid accepted. No bid of less than $5.00 per acre will be considered, except in a special lease sale.

(5)   Deposit required. Each bid must be accompanied by a remittance in the sum of 25% of the amount bid, payable to the Commissioners of the Land Office. Upon acceptance of any bid and the awarding of the lease to the bidder, the successful bidder shall be liable for the full amount of the bid. The unsuccessful bidders will have their remittance check returned.

(6)   Bid forms. Bid forms are available on the Land Office's official website [See 385:1-1- 13]

(7)   Assignment of bids. Oil and Gas Lease bids may not be assigned.

(8)   Special oil and gas lease sales. The Commission will have a special oil and gas lease sale if they desire to consider bids other than standard lease terms. This notice of sale will be marked "Special Oil and Gas Lease Sale," and the terms and conditions of this sale will be as provided in the notice of said sale.

(9)   Bids become final. All bids on mineral leases shall become final at the date and hour for opening bids and no bid may be withdrawn or rejected to correct an error by any bidder.

[Source: Amended at 15 Ok Reg 1745, eff 5-12-98; Amended at 21 Ok Reg 633, eff 12-19-03 (emergency); Amended at 21 Ok Reg 1043, eff 5-13-04; Amended at 29 Ok Reg 1299, eff 6-25-12; Amended at 31 Ok Reg 52, eff 9-10-13 (emergency); Amended at 31 Ok Reg 1949, eff 9-12-14]