Okla. Stat. tit. 52, § 52-288.5: Board - Powers, duties and responsibilities

The Oklahoma Energy Resources Board shall have the following

powers, duties and responsibilities:

1. To administer and enforce the provisions of the Oklahoma

Energy Education and Marketing Act;

2. To establish an office for the Board within the State of

Oklahoma;

3. To elect a chairperson and whatever other officers may be

necessary to direct operations of the Board;

4. To employ personnel as shall be deemed necessary to carry

out the purpose and provisions of the Oklahoma Energy Education and

Marketing Act, including but not limited to an attorney to provide

legal assistance to the Board, and to prescribe their duties and fix

their compensation;

5. To establish and administer the Energy Resources Revolving

Fund;

6. To approve or disapprove the budget of the Board;

7. To promulgate rules as it deems necessary to carry out the

provisions of the Oklahoma Energy Education and Marketing Act;

8. To enter into contracts or agreements for studies, research

projects, experimental work, supplies or other services to carry out

the purposes of the Oklahoma Energy Education and Marketing Act, and

incur those expenses necessary to carry out those purposes. Any

such contract or agreement shall provide that:

a. the person entering the contract or agreement on

behalf of the Board shall develop and submit to the

Board a plan or project together with a budget or

budgets that shows estimated costs to be incurred for

the plan or project, and

b. the person entering the contract or agreement shall

keep accurate records of all of its transactions,

account for funds received and expended, and make

periodic reports to the Board of activities conducted,

and such other reports as the Board may require;

9. To keep accurate records of all financial transactions

performed pursuant to the Oklahoma Energy Education and Marketing

Act. These records shall be subject to an annual audit, as defined

by paragraph 4 of subsection B of Section 212 of Title 74 of the

Oklahoma Statutes, by an independent auditor and an annual report

shall be compiled and presented to the Governor;

10. To cooperate with any private, local, state or national

commission, organization, agency or group and to make contracts and

agreements for joint programs beneficial to the oil industry;

11. To accept donations, grants, contributions and gifts from

any public or private source and deposit such in the Energy

Resources Revolving Fund;

12. To approve or disapprove the investment of any monies in

the Energy Resources Revolving Fund; and

13. To keep an accurate record of all assessments collected.