{"data":{"id":"us-ok/okla.-stat.-tit.-64-64-1063","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 64, § 64-1063","heading":"Leases authorized - Duration, terms and conditions -","body":"Public competition - Assignment.\n\nThe Commissioners of the Land Office are authorized to lease for\n\noil and gas purposes any of the school or other lands owned by the\n\nState of Oklahoma, which such Commissioners may deem valuable for\n\noil and gas. Each such lease shall be a commence-type lease and\n\nshall provide for a term not less than one year and not to exceed\n\nfive (5) years and as long thereafter as oil or gas may be produced\n\ntherefrom in paying quantities, upon such terms and conditions and\n\nin such quantities as the Commissioners shall by rules and\n\nregulations prescribe. Each such lease shall provide for the\n\ndelivery to the state of a royalty of not less than one-eighth (1/8)\n\npart of the oil or gas produced from the leased premises or in lieu\n\nthereof the payment to the state of the market value of said royalty\n\ninterest, as the Commissioners may elect. The leases shall be\n\noffered by public competition after notice of the lease auction\n\npublished one time not less than thirty (30) days prior to the lease\n\nauction date in two newspapers authorized by law to publish legal\n\nnotices. One of the newspapers shall be published in the county\n\nwhere the land is located or other newspaper as authorized by\n\nSection 106 of Title 25 of the Oklahoma Statutes. The other shall\n\nbe a newspaper of general circulation in this state. Such leasing\n\nshall be let by sealed bids and each lease awarded to the highest\n\nresponsible bidder, such oil and gas leases may be assigned only\n\nwith the consent and approval of the Commissioners of the Land\n\nOffice; provided, the Commissioners have the right to reject any and\n\nall bids. The Commissioners of the Land Office shall provide any\n\nother notice of oil and gas lease sales to all interested parties by\n\nany means it determines is needed to attract the best competition.","path":["OK Code","Title 64"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os64.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"4eed2b411cf64da5a320f7a548ad712130f73b8488d772caf867832e174cfb65","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-64-64-1062","next":"us-ok/okla.-stat.-tit.-64-64-1064"},"notice":"GroundRules: Original legal text. Not legal advice."}