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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 385. Department of the Commissioners of the Land Office |
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Chapter 15. Sale and Operation of Oil and Gas Leases |
SECTION 385:15-1-8. Lease terms
Latest version.
- Pursuant to 64 O.S. §§ 1063 through 1066 inclusive, a successful bidder for a corpus school land oil and gas lease will be issued a commence type lease requiring paid up delay rentals of $1.00 per net mineral acre to preserve the primary term on a form prescribed by the Commissioners, providing for royalty as established by a majority vote of the Commission; provided, that at least 28 days notice of intent to change the royalty policy is announced through two (2) newspapers with normal statewide circulation, and departmental publications; Intent to change the royalty policy which announcements shall contain the date and time and place which the Commission may vote on the proposed change;