FL H0695

Authorizes the Board of Trustees of the Internal Improvement Trust Fund to enter public-private partnerships with business entities to develop oil and gas resources on onshore state lands if the development generates near-term revenues for the state.

Places all financial, technical, and operational risk for exploration, development, and production on the private business entity rather than the state.

Requires business entities to submit proposals describing exploration plans and revenue estimates; the board selects the proposal offering the best value to the state based on technical quality and revenue generation timeline.

Partnership contracts must include a 3-year or longer exploration period using geophysical seismic methods, a selection process for leasing prospective parcels after exploration, leases for at least 5 years, and negotiated royalty rates and lease bonuses.

Application is limited to lands in the Blackwater River State Forest; the act takes effect upon becoming law.