Okla. Admin. Code § 385:15-1-6 - [Effective until9/11/2021][Effective 9/14/2021]Public bid process
The public bid process for school land oil and gas lease sales shall be as follows:
(1)
Separate tract requirement. 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 responsible bidder. Drilling contracts or
production payments will not be considered, except in a special lease
sale.
(2)
Sealed bid
requirement.
(A)
Written
Bids. Bids must be written and enclosed in one sealed envelope, and
placed in another envelope bearing notation on the outside front face of the
envelope "Bids for Oil and Gas Leases" and the date of sale. Such bids must be
delivered to the office of the Commissioners of the Land Office, and if sent by
mail shall be addressed to the Commissioners of the Land Office's official
business residence [See
385:1-1-13
]. (No bid will be considered that is not delivered prior to date and time of
sale.), or
(B)
Electronic Bids. Alternatively, the use of electronic bidding
shall be permitted subject to the policies, requirements, and procedures
contained in the Secretary's Electronic Bidding Procedures as authorized by the
Commissioners of Land Office, available online at
http://www.ttb.gov or by
request.
(3)
Time
of sale. Bids will be received as provided in the Notice of Sale and are
subject to the right of the Commissioners of the Land Office to reject any and
all bids. (All bidders are invited to attend opening of bids which is held in
the office of the Secretary to the Commissioners of the Land Office.)
(4)
Minimum bid accepted. No bid
of less than $5.00 per acre will be considered, except in a special lease
sale.
(5)
Deposit
required. Each bid must be accompanied by a remittance in the sum of 25%
of the amount bid, payable to the Commissioners of the Land Office. Upon
acceptance of any bid and the awarding of the lease to the bidder, the
successful bidder shall be liable for the full amount of the bid. The
unsuccessful bidders will have their remittance check returned.
(6)
Bid forms. Bid forms are
available on the Land Office's official website [See
385:1-1-13
]
(7)
Assignment of
bids. Oil and Gas Lease bids may not be assigned.
(8)
Special oil and gas lease
sales. The Commission will have a special oil and gas lease sale if they
desire to consider bids other than standard lease terms. This notice of sale
will be marked "Special Oil and Gas Lease Sale," and the terms and conditions
of this sale will be as provided in the notice of said sale.
(9)
Bids become final. All bids
on mineral leases shall become final at the date and hour for opening bids and
no bid may be withdrawn or rejected to correct an error by any
bidder.
Notes
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