Property Information

Tract No. 4
AUG002

Weld County, CO

Colorado State Land Board Lease Sale, August 16, 2018

SOLD

Property Schedule

Due Diligence Began 7/18/2018

Bidding Started 8/9/2018

Bidding Ended 8/16/2018 10:06 AM

Registration Status

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Your Bid Status

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Tract

Tract No. 4
AUG002

Gross Acres

320.00

Net Acres

320.00

Time Remaining

Auction has ended

Start Time

8/9/2018 9:06 AM MDT / 10:06 AM CDT

End Time

8/16/2018 9:06 AM MDT / 10:06 AM CDT

Your Bid

Highest Bid

$0/acre

Starting Bid

$0/acre

Bid Increment

Total Cost at Highest Bid

$916

(Bonus + Agency Fees + Advanced Rental + 2% Buyer Premium)

Legal Description

T1N, R61W 6th PM
Sec. 12: E2

Tract Details

Tract No.

Tract No. 4
AUG002

County, State

Weld, CO

Legal Description

T1N, R61W 6th PM
Sec. 12: E2

Gross Acres

320.00

Net Acres

320.00

State Owns Surface

Royalty Rate

20%

Rental/Acre (Per Year)

$2.50

CO Application Fee

$100.00

Buyer Premium

2.00%

Lease Terms and Conditions

Purchase price includes the lease bonus and 1st year rental and buyer's premium. Buyer will be responsible for paying rental payments for years 2 through 5.

Data represented on these maps is for REFERENCE USE ONLY and is not suitable for legal, engineering, or surveying purposes. Neither Colorado nor EnergyNet.com shall be liable for any direct, indirect or consequential damages to any party arising out of or in connection with the use of data on these maps.

There is no assurance that there is any potential for production on any tract offered for leasing by the State Board of Land Commissioners.

Revisions to the Oil and Gas Lease form were approved by the Board in April 2018. Some of these revisions include:

Addition of Paragraph 4(d) "Land Board Policies, Directives and Schedules": Lessee's responsibility to be aware of and comply with all published Board Policies
Addition of Paragraph 4(e)(vii) "Unmanned Aerial Systems (UAS)": Lessor's right to use UAS (otherwise known as drones) to inspect property
Updated "Natural Gas Liquids", "Shut-in", and "Temporarily Abandoned" definitions
Elimination of the six-months' royalty-free flaring provision
Reduction of overriding royalty allowance to 3%
Clarification regarding the requirement to obtain a Communitization Agreement to pool state trust minerals
Revision of Shut-in Wells Paragraph: shut-in is permitted for lack of market only, limits shut-in period to two (2) years, requires payment of shut-in royalty within 90 days of shutting-in a lease, and clarifies plugging and abandonment of a well will end shut-in period
Inclusion of a new "Temporarily Abandoned Wells and Mechanical Delays" paragraph permitting 60 days to repair a well with extensions to be granted by Staff

Click here to view the updated lease form.

Lease Stipulations

OG STIP 4- SEVERED ESTATE OF NO KNOWN BIOLOGICAL ISSUES

As of the effective date of the Lease, there are no known Colorado Parks & Wildlife (CPW) mapped High Priority Habitat (HPH) and/or occurrences of Federally-listed Endangered, Threatened, or Candidate wildlife or plant species as mapped by Colorado Natural Heritage Program (CNHP), on the leased land. Lessee must notify Lessor’s District Manager prior to surface access and occupancy and in connection with any proposed oil and gas operations, including, without limitation, the submittal of a Location Assessment or an Application for Permit to Drill (APD). Lessee is encouraged to notify CPW and CNHP in connection with the required surface owner notice.