1. A. The Office of Management and Enterprise Services is hereby authorized to offer for sale and sell and execute and deliver oil and gas or mineral leases upon the lands described in Section 1 of Title 73 of the Oklahoma Statutes under the control of the Office of Management and Enterprise Services. The Office of Management and Enterprise Services is hereby authorized to enter into contracts with persons or corporations for the drilling of oil and gas wells on any such property owned by the state. No such lease or drilling contract shall be entered into by the Office of Management and Enterprise Services which provides for the payment of a royalty to this state of less than one-eighth (1/8) of all of the oil, gas, or casinghead gas produced, saved, and sold from such lands, plus cash bonus, of the royalty in such leases. The Office of Management and Enterprise Services shall give notice of its intention to offer for sale such lease or drilling contract by advertising such fact for a period of at least twenty-one (21) days electronically on an authorized state website and in a legal newspaper published and of general circulation in the county where such lands are located. The Office of Management and Enterprise Services shall award such lease, leases, or drilling contracts to the highest responsible bidder. All bidding shall be by sealed written or electronic bids filed with the Office of Management and Enterprise Services.
2. B. All royalties, bonuses, and rentals accruing to the state from any contracts or leases executed pursuant to the provisions of subsection A of this section and all other monies received from the sale of any such leases, bonuses, and royalties or other contracts made by the Office of Management and Enterprise Services shall be credited to the Oklahoma Capital Assets Maintenance and Protection Fund.

Laws 1935, SB 374, p. 22, § 1, emerg. eff. May 13, 1935; Amended by Laws 1936, Extr. Sess., SB 14, p. 22, § 1, emerg. eff. January 6, 1937; Amended by Laws 1937, SB 402, p. 86, § 1; Amended by Laws 1983, SB 305, c. 304, § 121, emerg. eff. July 1, 1983; Amended by Laws 2012, HB 3079, c. 304, § 799 (superseded document available); Renumbered from 74 O.S. § 98 by Laws 2013, HB 1910, c. 209, § 21, emerg. eff. July 1, 2013; Amended by Laws 2022, HB 4080, c. 238, § 39, eff. November 1, 2022 (superseded document available); Amended by Laws 2026, SB 1991, c. 30, § 1, emerg. eff. July 1, 2026 (superseded document available).