Oil & Gas MGL No. 2
SOLD
PORTION OUTSIDE UNIT (POU) OF SECTION 72, BLOCK 33, H. & T. C. RY. CO. SURVEY, LOVING AND WARD COUNTIES, CONTAINING APPROXIMATELY 440 ACRES, BEING THAT PORTION OF THE TRACT OUTSIDE OF THE STEELHEAD UNIT, SAID UNIT BEING MORE PARTICULARLY DESCRIBED IN MINERAL FILE MF064568, CURRENTLY ON FILE IN THE ARCHIVES & RECORDS DIVISION OF THE TEXAS GENERAL LAND OFFICE, AUSTIN, TEXAS, SAVE AND EXCEPT THOSE DEPTHS IN THE BUSH VIPER UNIT SE 1-56 FROM THE SURFACE TO 10,961.21 TVD AND THOSE DEPTHS IN THE BUSH VIPER UNIT NW 1-56 FROM THE SURFACE TO 10,884.45, MORE PARTICULARLY DESCRIBED IN MINERAL FILE MF064568, CURRENTLY ON FILE IN THE ARCHIVES & RECORDS DIVISION OF THE TEXAS GENERAL LAND OFFICE, AUSTIN, TEXAS.
Tract Details
PORTION OUTSIDE UNIT (POU) OF SECTION 72, BLOCK 33, H. & T. C. RY. CO. SURVEY, LOVING AND WARD COUNTIES, CONTAINING APPROXIMATELY 440 ACRES, BEING THAT PORTION OF THE TRACT OUTSIDE OF THE STEELHEAD UNIT, SAID UNIT BEING MORE PARTICULARLY DESCRIBED IN MINERAL FILE MF064568, CURRENTLY ON FILE IN THE ARCHIVES & RECORDS DIVISION OF THE TEXAS GENERAL LAND OFFICE, AUSTIN, TEXAS, SAVE AND EXCEPT THOSE DEPTHS IN THE BUSH VIPER UNIT SE 1-56 FROM THE SURFACE TO 10,961.21 TVD AND THOSE DEPTHS IN THE BUSH VIPER UNIT NW 1-56 FROM THE SURFACE TO 10,884.45, MORE PARTICULARLY DESCRIBED IN MINERAL FILE MF064568, CURRENTLY ON FILE IN THE ARCHIVES & RECORDS DIVISION OF THE TEXAS GENERAL LAND OFFICE, AUSTIN, TEXAS.
Stipulations
SURVEYED SCHOOL LAND
The royalty on all surveyed school land is 25% of the gross production of oil and/or gas. The primary term of the lease shall be three (3) years. The annual delay rental thereon is fixed at $10.00 per acre beginning with the second year of the lease. Click here to view lease form.
ABBREVIATIONS AND DEFINITIONS
Resource Management Codes - Click here to view a detailed description
AC - Acre(s)
NAVI DIST - NAVIGATION DISTRICT: Indicates that all or a portion of the tract lies within the boundaries of a navigation district. Bidders should contact the applicable governing authority for the navigation district and the General Land Office for surface use restrictions.
POL - PORTION OUTSIDE LEASE: Indicates that the acreage within the boundaries of the tract is available for lease save and except any portion included in a valid oil and/or gas lease. Lease information is available in the mineral file located in the Archives and Records Division of the General Land Office.
POU - PORTION OUTSIDE UNIT: Indicates that the acreage within the boundaries of the tract is available for lease save and except any portion included in a valid oil and/or gas unit. Unit information is available in the mineral file located in the Archives and Records Division of the General Land Office.
PT - PART: Bidders should contact the General Land Office for further information.
TMLL - THREE MARINE LEAGUE LINE: Denotes tracts that are adjacent to the Three Marine League Line. These tracts have been submitted to the MMS for the coordination of acreage.
WFAL - Denotes tracts that are WEST of the FEDERAL ADMINISTRATION LINE.
Successful Bidder Notification
When the bids are accepted by the Texas General Land Office, 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
Notice: A Buyer Premium will be added to the total bonus amount cost of this lease, calculated as follows:
| Tract Bonus Bid | Buyer 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%.