The Minerals Management Divisions works to maximize returns for beneficiaries by managing over 1.1 million mineral acres. Mineral lease auctions are held quarterly.
Statewide, over 725,000 surface acres and more than 1.1 million mineral acres are actively managed by the Commissioners of the Land Office and the revenues generated are distributed to Oklahoma schools and universities. Last year, more than $116 million was distributed to education beneficiaries across the state. The CLO works to actively manage these lands and oversee their use to ensure the long term health of the lands, and their ability to generate revenue for years to come.
Through the work of the Real Estate Division, over 725,000 surface acres are actively leased to generate revenues for public education in the state of Oklahoma. State school lands are leased for agricultural farming and grazing, as well as for outdoor sport and recreational use including hunting, fishing and camping.
Commercial property leases add a level of diversity to our agricultural and minerals portfolios. The ability to invest in commercial real estate has allowed for increased distributions to our beneficiaries.
The CLO acquired the Westgate retail center through a commercial property exchange in the summer of 2021. This five-tenant retail center is a part of the Chisholm Creek Development in Oklahoma City and is expected to generate more than $435,000 a year for distribution to Oklahoma public education. The CLO exchanged a full section of agricultural land and additional funds for the Westgate property and two commercial office buildings. This exchange will result in a total of nearly $1.4 million per year in distributable revenue.