(a) Policy statement.
(1) It is the policy of the Board of Regents for the Oklahoma State University and the A&M Colleges to develop its mineral resources by sale of oil and gas leases and/or other mineral leases or by other legal arrangement between the person or persons interested in developing the mineral resources underlying land held by the Board. The development of said property for the purpose leased shall not unduly interfere with the primary purpose for which said land is being used by the institution or institutions under the control of the Board.
(2) It is the policy of the Board to do all within its power to assure the realization of maximum income from any mineral resources underlying property which the Board owns, giving due consideration to any environmental impact. In keeping with this policy, the Board does not intend to lease any of its mineral interests for mere speculative purposes, where the only reasonable assurance of income therefrom is nominal bonus and/or rental. The development of said resources shall be in accordance with the rules, regulations, and procedures set forth herein and all applicable laws of the State of Oklahoma and the United States.
(3) The Board shall have the final authority and responsibility for the management and leasing of all mineral interests. As to all mineral interests owned by the Board for the use and benefit of the Oklahoma State University, the Vice President for Business and External Relations shall be responsible to the Board for coordinating and implementing the Board’s policies, procedures, and regulations and the general supervision of the management activities and performance as provided for the Board by The Commissioners of the Land Office for the State of Oklahoma. As to mineral interests owned by the Board for the use and benefit of Connors State College, Langston University, NortheasternOklahoma A&M College, and Oklahoma Panhandle State University , the Presidents of the respective institutions shall have the foregoing responsibilities. Each of said officers is authorized to execute oil and gas leases on behalf of the Board for their respective institutions in accordance herewith. All of said officers are encouraged to seek the advice and counsel of the Chief Executive Officer (CEO) and the General Counsel in implementing these responsibilities.
(4) Except as otherwise specifically authorized by the Board, the sale of oil and gas leases shall be conducted according to the rules, regulations, and procedures set forth herein.
(b) Rules and Regulations.
(1) The Commissioners of the Land Office for the State of Oklahoma shall be the Board’s designated mineral leasing and management agency. All leasing and management activities of the Regents shall be governed by these rules and regulations and by the published rules and regulations of the Commissioners and any special statutory requirements applicable to the Board of Regents.
(2) The Commissioners of the Land Office shall provide, on a monthly basis, reports on all leasing and drilling activity, bonuses and royalties received and reimbursement of net proceeds.
(3) The Commissioners of the Land Office shall notify the Vice President of Business and External Relations for Oklahoma State University or the Presidents of the other A&M institutions of all expressions of interest for potential mineral leasing activity, seeking directive from a particular institution concerning its land usage requirements with regards to mineral exploration.
(4) Each A&M institution shall evaluate lands owned on an annual basis to determine availability for mineral exploration. This evaluation shall result in the following categorization of land usage to be followed by The Commissioners of the Land Office in the offering of mineral leases:
(A) Lands with no limitations. These lands may be offered for mineral exploration with no limitations as to institutional use.
(B) Lands with limitations. These lands can be leased for spacing purposes or other non-drilling purposes as established by the proponent institution representative.
(C) Lands with lease provisions. These lands may be available for drilling with directives established by the institutional proponent for drilling equipment installation, ingress and egress requirements, and restrictions to drilling sites based on research or teaching activities.
(5) The Commissioners of the Land Office shall uphold Board requirements that restrict drilling or mining for oil and/or gas within less than three hundred (300) feet of any building or research area or body of water situated on the leased land without previously obtaining written consent from the Board.
(6) The Commissioners of the Land Office shall comply with the special statutory requirements applicable to the Boards of Regents of State educational institutions contained in Title 70, Oklahoma Statutes, Section 4301 including the right to have gas free of cost from any well upon leased premises for use of any state educational institution located or thereafter located on the leased premises.