CLO Tract 38
SOLD
Sec. 33: NE/4
Tract Details
Sec. 33: NE/4
CLO Terms & Conditions of Sale
TERMS AND CONDITIONS OF SALE: The Lease will be on a form prescribed by the CLO for a term of three years, and as may be extended, and will provide for 3/16ths royalty, and an annual delay rental of $1.00 per net acre to be paid in full before lease is issued, in addition to lease bonus. Bids shall be for a cash bonus for each tract, but no bid of less than $5.00 per acre will be considered. The successful bidder shall be liable for the full amount of the bid, all delay rentals and cost of advertising. Full payment is due 30 days from the date of acceptance of the bid.
Click here to view the lease form.
Pursuant to OAC 385:15-1-9; Successful bidders awarded oil and gas leases by the Land Office shall pay a performance fee of $1.00 per net mineral acre leased.
Failure to comply with any of the terms and conditions of sale will be grounds for the cancellation of the award and the retention of the deposit of earnest money as liquidated damages at the election of the Secretary.
The Commissioners of the Land Office and the State of Oklahoma make no warranty of title and reserve the right to reject any and all bids.
Important Notice Regarding Lessee Name
Please note that you must bid in the name you want on your lease.
Once the auction is closed, an assignment must be submitted for any name changes.
Please contact the Commissioners of the Land Office or view the website for consent to assignment procedures.
www.clo.ok.gov/services/minerals-leasing
Assumed Liability Notice
Lessee will assume liability to plug the current wells and remove equipment and facilities in the NE/4 of Section 33-01S-08WIM if said wells, equipment, and facilities are not affirmatively disclaimed in writing within ninety (90) days of lease award date.
Potential bidders are advised to contact the Commissioners of the Land Office for a list of the wells, equipment, and facilities.
Successful Bidder Notification
After all auctions have closed, the successful bidder will be notified via email with closing instructions, including total amount due.
Buyer Premium
A 2% Buyer Premium, calculated as 2% of the total bonus, will be added to the cost of this lease.