AUCTION CANCELLED
Registration Status:
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Your Bid Status:
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Lease:
Leasing Unit No. 78
Gross Acres:
640.00
Net Acres:
640.00
Time Remaining:
Auction has ended
Schedule Status:
Bids Due:
July 26th, 2019
6:00 PM CDT / 5:00 PM MDT
Minimum Bid:
$3 per acre
Total Lease Cost at Minimum Bid:
$1,988.40
(Bonus + Agency Fees + Buyer Premium)
Legal Description:
T24S, R14E, SLB&M
Sec. 16: ALL
Lease Details
Lease Name
Leasing Unit No. 78
County, State
Emery, UT
Legal Description
T24S, R14E, SLB&M
Sec. 16: ALL
Gross Acres
640.00
Net Acres
640.00
Royalty
Greater of 10% or $3 per ton
Lease Term
10 Years
Application Fee
$30.00
Lease Terms and Conditions
All bidding and lease sales on SITLA properties listed on this website shall be subject to the statutes, administrative rules, and other laws of the State of Utah, including but not limited to the Utah Government Records Access and Management Act, UTAH CODE ยง63G-2-101, et. seq.
The Applicant offers a minimum bid of $500.00 per leasing unit or $3.00 per acre, whichever is greater, covering the first year's annual rental. Fractional acres are rounded up to one full acre. The minimum bid shall apply to the first year annual lease rental. Annual rentals for the first ten (10) lease years will be $3.00 per acre. Commencing with the sixth (6th) lease year, and for each year thereafter, Lessee shall pay SITLA an additional annual minimum royalty of $5,000.00 in advance of the beginning of each lease year (the "Minimum Royalty"). Lessee may credit each lease-year's Minimum Royalty payment against actual production royalties accruing during that lease year, but may not credit the Minimum Royalty against production royalties accruing in another year. Lessee may not credit Minimum Royalties against the annual rentals or bonus bids. Click here to view lease form.
Failure of funds or failure to execute a lease within 30 days of receipt shall constitute a forfeiture of the bonus bid and termination of the lease agreement.
Successful Bidder Notification
When the bids are accepted by SITLA, the successful bidder will be notified via email with closing instructions, including total amount due.
Payment must be made within two business days.
Buyer Premium
A 2% Buyer Premium, calculated as 2% of the total bid amount, will be added to the cost of this lease.
Utah School and Institutional Trust Land Administration Points of Contact
EnergyNet Points of Contact
VP, Government Resources
Gus Rivero
Email
Gus.Rivero@energynet.com
Office
(806) 463-3616
Managing Director, Government Resources
Brandon Savage
Email
Brandon.Savage@energynet.com
Office
(806) 463-3621
Transaction Manager
Heather Fugger
Email
Heather.Fugger@energynet.com
Office
(806) 463-3619
Global Markets Strategic Analyst
Anastasia Rademaekers
Email
Anastasia.Rademaekers@energynet.com
Office
(806) 463-3635