1. A. The Office of Management and Enterprise Services is hereby authorized to sell and execute oil and gas leases, and other mining leases, on any of the lands of this state under the control of the Office of Management and Enterprise Services. Sale of Oklahoma State Capitol lands or parkways or the Executive Mansion lands shall be made upon a basis of a retained royalty of not less than one-eighth (1/8) of all the oil, gas, and other minerals produced therefrom, and such additional cash bonus as may be procured. Such leases shall contain a provision that in the event of the discovery of natural gas, gas shall be furnished free of charge to any state institution located or hereafter located upon the lands covered by the lease, or leases. Such leases shall be sold only after advertisement for a period of three (3) weeks electronically on an authorized state website and in a legal newspaper published and of general circulation in the county in which such lands are located. The sale shall be made to the highest responsible bidder, and all bids for any tract shall be presented to the Office of Management and Enterprise Services electronically or in sealed envelopes, and shall all be opened and considered at the same time. The Office of Management and Enterprise Services shall have the right to reject any and all of the bids and again readvertise such lease, or leases, for sale.
2. B. The Office of Management and Enterprise Services is further authorized to make and promulgate additional rules and regulations as he may deem necessary and for the best interest of this state in facilitating the sale of such leases. The Director may contract with other state agencies to implement the provisions of this section and any expenses charged under such contract may be paid from the proceeds of the lease.
3. C. All monies derived from the sale of any and all of such leases, and from any royalties subsequently accruing, after deduction of the amount required to pay necessary and actual expenses of developing the lease, shall be paid into the State Treasury and credited to the Oklahoma Capital Assets Maintenance and Protection Fund.

Laws 1941, HB 399, p. 440, § 1; Amended by Laws 1943, HB 148, p. 236, § 1; Amended by Laws 1983, SB 305, c. 304, § 125, emerg. eff. July 1, 1983; Amended by Laws 1995, HB 1550, c. 342, § 8, emerg. eff. June 9, 1995; Amended by Laws 2012, HB 3079, c. 304, § 803 (superseded document available); Renumbered from 74 O.S. § 107 by Laws 2013, HB 1910, c. 209, § 29, emerg. eff. July 1, 2013; Amended by Laws 2022, HB 4080, c. 238, § 43, eff. November 1, 2022 (superseded document available); Amended by Laws 2026, SB 1991, c. 30, § 3, emerg. eff. July 1, 2026 (superseded document available).