FL H0431

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

Assigns all financial, technical, and operational risk of exploration, development, and production to the private business entity partner.

Requires business entities to submit proposals describing exploration and development plans with estimated revenue projections; the board must review proposals consistent with industry practices and select the partner offering best value if multiple proposals cover the same area.

Establishes contract terms including a 3-year or longer exploration period using geophysical seismic methods, a selection process for leasing prospective parcels after geophysical operations conclude, leases of at least 5 years, and negotiated royalty rates and lease bonuses.

Applies exclusively to lands in the Blackwater River State Forest and takes effect upon becoming law.