AUCTION CANCELLED
Registration Status:
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Your Bid Status:
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Tract:
Tract 271
Gross Acres:
1,807.963
Net Acres:
1,807.963
Time Remaining:
Auction has ended
Schedule Status:
Sealed Bids Due: September 20th, 2017 @ 10AM
Minimum Bid:
$750 per acre
Total Tract Cost at Minimum Bid:
$1,435,070.63
(Bonus + Agency Fees + Advanced Rental + Buyer Premium)
Legal Description:
Block 13, Sec. 11: NENE & S2NE (Below 5000')
Block 13, Sec. 14: All (Below 5000')
Block 13, Sec. 15: SE (Below 5000')
Block 13, Sec. 22: W2NW
Block 13, Sec. 23: W2 & SE (Below 5000')
Block 13, Sec. 26: W2 (Below 4807')
Tract Details
Tract
Tract 271
County, State
Andrews, TX
Legal Description
Block 13, Sec. 11: NENE & S2NE (Below 5000')
Block 13, Sec. 14: All (Below 5000')
Block 13, Sec. 15: SE (Below 5000')
Block 13, Sec. 22: W2NW
Block 13, Sec. 23: W2 & SE (Below 5000')
Block 13, Sec. 26: W2 (Below 4807')
Gross Acres
1,807.963
Net Acres
1,807.963
Delay Rental ($25/acre)
$45,199.08
Royalty
25%
Depth Restrictions
See Above
Additional Information
LEASE TERMS AND CONDITIONS
Tract 271 comprises 6 individual parcels of land as described above and containing 1,767.732 acres and will be bid upon as a Lot, but will consist of as many separate lease agreements as parcels of land described. The minimum consideration that will be accepted for this Tract will be a cash bonus of $750.00 per acre, plus the delay rental fee of $25 per acre and the legally required 1.5% special fee as described in the Texas Education code, Section 66.66. Each parcel of this Tract shall constitute a separate leased area and will be subject to all terms and conditions of the Oil & Gas Lease, Form 48.
Effective September 20th, 2017 with a primary term of three (3) years and a Royalty rate of 25%. Click here to view lease form.
These Leases are subject to any and all existing pipeline, road or utility easements, surface or commercial agreements, and encumbrances of any nature affecting the Premises or any part thereof, and the rights of the parties thereunder, which are evidenced by documentation filed of record in the Official Public Records of the County where the Premises are located as of the Effective Date or that a true and correct survey would reveal.
PROSPECTIVE INTERVALS
OFFSET ACTIVITY
Completions from the last 365 days in Andrews County, Texas
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Drilling Permits from the last 365 days in Andrews County, Texas
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Drilling Rigs on location in Andrews County, Texas
BUYER PREMIUM
Notice: A Buyer Premium will be added to the total bonus amount cost of this lease, calculated as follows:
Tract Bonus Bid | Buyer's Premium |
<=$50,000 | 1.25% |
>=$1,000,000 | 1.00% |
Buyer Premiums are only due for tracts which are sold and computed only on the winning bonus bid amount. The schedule offers a fixed rate of 1.25% up to a bonus bid value of $50,000 and then begins to slide linearly to a rate of 1.00% for a bonus bid value of $1,000,000. Bonus bids in excess of $1,000,000 are computed at a fixed rate of 1.00%.
SUCCESSFUL BIDDER NOTIFICATION
When the bids are accepted by the University Lands of Texas, the successful bidder will be notified via email with closing instructions, including total amount due.
CONTACT INFORMATION
University Lands
Brian Owen
Land Director
(918) 232-3958-4753
Email: BOwen@utsystem.edu
Lisa Belue
Sr. Land Associate
(432) 686-5479
Email: LBelue@utsystem.edu
David DeFelice
Geoscience Director (Technical Overview)
(713) 352-3850
Email: DDeFelice@utsystem.edu
EnergyNet
John S. Munroe
VP of Engineering / Government Lease Sales
(832) 403-3122
Email: John.Munroe@energynet.com
Gus Rivero
Manager of Government Lease Sales
(806) 463-3616
Email: Gus.Rivero@energynet.com
Brandon Savage
Assistant Manager of Government Lease Sales
(806) 463-3621
Email: Brandon.Savage@energynet.com