Okla. Admin. Code § 725:30-23-3

Current through Vol. 41, No. 19, June 17, 2024

Section 725:30-23-3 - Bidding process

(a) The Department shall prepare an invitation to bid (ITB) and shall advertise the mineral interest bid as set out in 74 O.S. Section 2219.

(b) All bids must be submitted in accordance with the requirement contained in the ITB.

(c) A separate bid showing the tract number and legal description must be filed on each tract. Each tract will be leased separately to the highest and best bidder. Drilling contracts or production payments will not be considered, except in a special lease sale.

(d) The minimum bid will be specified in the ITB, the notice of sale and lease.

(e) The successful bidder must pay the full cost of advertising.

(f) The successful bidder will be issued a maximum of a three (3) year commence type lease. The royalty and annual delay rental will be specified in the notice of sale.

Okla. Admin. Code § 725:30-23-3

Added at 20 Ok Reg 2645, eff 6-4-03 through 7-14-04 (emergency)¹; Added at 22 Ok Reg 2659, eff 7-11-05; Amended at 23 Ok Reg 2012, eff 6-11-06

¹This emergency action expired without being superseded by a permanent action. Upon expiration of an emergency action enacting a new Section, the Section is no longer effective. Therefore, on 7-15-04 (after the 7-14-04 expiration of this emergency action), Section 735:30-23-3 was no longer effective, and remained as such until added by permanent action on 7-11-05.