{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-4301","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-4301","heading":"Oil and gas mining leases - Terms - Bids - Use of","body":"proceeds.\n\nThe Board of Regents of any state educational institution in the\n\nState System may sell and execute oil and gas leases, and other\n\nmining leases, on any of the lands of the State of Oklahoma under\n\nthe control of the Board of Regents, whenever in the judgment of the\n\nBoard such leasing of the lands will not interfere with the use to\n\nwhich the lands are being used by the state and will not injure the\n\nbuildings or other property situated on tracts adjoining the lands\n\nleased, all sales to be made on a basis of a retained royalty of not\n\nless than one-eighth (1/8) of all of the oil, gas and other minerals\n\nproduced therefrom, and such additional cash bonus as may be\n\nprocured. All such leases shall contain a provision that in the\n\nevent of the discovery of natural gas, such gas shall be furnished\n\nfree of charge to any state educational institution located or\n\nthereafter located upon the lands covered by the lease. Such leases\n\nshall be sold only after advertisement for a period of three (3)\n\nweeks in a legal newspaper published and of general circulation in\n\nthe county in which the lands are located. Sales shall be made to\n\nthe highest and best bidder, and all bids for any tract shall be\n\npresented to the Board of Regents of the institution in sealed\n\nenvelopes and shall all be opened and considered at the same time.\n\nThe Board of Regents shall have the right to reject any and all of\n\nthe bids submitted, and again readvertise the lease or leases for\n\nsale. The Board of Regents may make and promulgate such additional\n\nrules and regulations as it may deem necessary and for the best\n\ninterest of the state in facilitating the sale of the leases. All\n\nmonies derived from the sale of such leases, and from any royalties\n\nsubsequently accruing, shall be deposited in the State Treasury and\n\ncredited to a special fund for the institution, to be used by the\n\ninstitution upon approval by its Board of Regents for capital\n\nimprovements, including buildings, repairs and modernization,\n\nclassroom and laboratory equipment, and for such other purposes as\n\nmay be approved by the State Regents.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"d8f4ea4ab0a260f66b3b271303a70c4dea12a3bb949da46f8d5345777f163c51","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-4204","next":"us-ok/okla.-stat.-tit.-70-70-4302"},"notice":"GroundRules: Original legal text. Not legal advice."}