The Minerals Management Division (MMD) of the Commissioners of the Land Office manages 1,108,129.54 mineral acres for the benefit of the beneficiaries of the nine trust funds. These lands are located in 75 of the 77 counties across the state. The MMD staff is responsible for the oversight of approximately 6,000 wells and 7,000 active oil and gas leases. Additionally, the staff manages 100,000 mineral acres for several state agencies, the largest being Office of Management and Enterprise Services, Oklahoma State University, and Oklahoma Department of Wildlife Conservation.
In order to maximize revenue, the MMD must maintain an exacting inventory of what is owned, what is leased and what is available to lease. This effort is complicated by a horizontal Pugh clause enacted by Commissioners in 1977 that is one of the trusts most valuable assets.
Six oil and gas lease sales are conducted every year. Each tract that is placed on the sale undergoes a title examination to ensure that it has clean title. The bids are opened and read publicly at the Land Office. Bidders now have the option of submitting their bids electronically and viewing the sale remotely via the internet. All bids are examined to ensure they represent fair market value; occasionally those that are determined not to have met this standard are rejected.
Since 2007, the oil and gas lease sale has yielded $314,373,707.31 in bonus money. This is more bonus money than had previously been generated since statehood. These funds are now distributed directly to the beneficiaries and have been of great benefit during the past few lean budget cycles.