If the proceeds or other intangible property interest from any mineral interests are abandoned, as provided for in Sections 651 through 684 of Title 60 of the Oklahoma Statutes, or provided for in the laws of another state as described in Section 660 of Title 60 of the Oklahoma Statutes, then the mineral interest which generates the intangible property interest shall be subject to escheat as provided for in Sections 271 through 277 of this title.

1. 1. all escheatable mineral interests within a single production unit shall be grouped together as far as practicable for purposes of sale; and
2. 2. any interest escheated to the state or sold by the state in an escheat sale shall remain subject to all prior valid pooling and drilling orders, rules, or regulations of the Corporation Commission; and
3. 3. the record owner or owners of the surface from which abandoned mineral interests have been severed shall be mailed at the last-known address as shown by the records of the county treasurer a notice of the sale of such abandoned mineral interest at least ten (10) days prior to said sale; and
4. 4. the action authorized to be brought by the provisions of this section may be brought by any party who has an interest in either the surface rights or the mineral rights of the property involved; and
5. 5. the successful bidder at said sale shall pay the costs and expenses of bringing the escheat action as determined by the court.

If a judgment is rendered in favor of the state in such proceedings, a sale of the mineral interest shall be ordered, then:

Laws 1983, SB 79, c. 184, § 1, emerg. eff. June 9, 1983; Amended by Laws 1984, HB 1568, c. 7, § 1, eff. November 1, 1984.