Server Time (CST): Feb. 2, 11:56:50p

Oil & Gas MGL No. 76

Galveston County, TX
Texas General Land Office Oil, Gas, and Geothermal Lease Sale, November 2, 2022

SOLD

Registration Status:

Please log in as a buyer to view registration status.

Your Bid Status:

Please log in as a buyer in order to bid.

Tract:

Oil & Gas MGL No. 76

Gross Acres:

320.00

Net Acres:

320.00

Time Remaining:

Auction has ended

Start Time:

9/30/2022 10:00 AM CDT

End Time:

11/2/2022 10:00 AM CDT

Minimum Bid:

$100 per acre

Total Tract Cost at Minimum Bid:

$32,880
(Bonus + Agency Fees + Buyer Premium)

Legal Description:

Tract Details

Lease Name

Oil & Gas MGL No. 76

County, State

Galveston, TX

Legal Description

PART OF THE S/2 OF THE NW/4 OF TRACT 214-L, BEING THE WESTERNMOST 320 ACRES, AS TO ALL DEPTHS BELOW 6159

PSF Lands (Y/N)

Yes

Gross Acres

320.00

Net Acres

320.00

Part or Comments

THE WESTERNMOST 320 ACRES, AS TO ALL DEPTHS BELOW 6159'

Royalty

25%

Area

GALVESTON

Part

S/2

Quarter

NW/4

Group Name

Gulf of Mexico

Resource Management Code

CC, DA, MA, MJ, MN, OA, RW

Stipulations

GULF OF MEXICO

The royalty on bays, lakes, islands, bayous (influenced by the tides), and the Gulf of Mexico is 25% of the gross production of oil and/or gas, but can be reduced to:

  • 20% if production, in paying quantities, is established, brought on line and sales thereof are commenced within the initial twenty-four (24) months of the primary term of the lease.
  • 22.5% if production, in paying quantities, is established, brought on line and sales thereof are commenced between the 25th and 48th month of the primary term of the lease.

If the initial well drilled is a dry hole, the lessee may receive the lower royalty rates as follows:

  • 20% if a second well is commenced and production, in paying quantities, can be established, brought on line and sales thereof are commenced by the end of the 30th month, as provided for in the lease.
  • 22.5% if a second well is commenced and production, in paying quantities, can be established, brought on line and sales thereof are commenced by the end of the 54th month as provided for in the lease.

The primary term of the leases shall be five (5) years. The annual rental is $10.00 per acre for the second and third years and $25.00 per acre for the fourth and fifth years. 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%.

Texas GLO Point of Contact

Todd Hilliard

Email
todd.hilliard@glo.texas.gov

Office
(512) 475-1534

EnergyNet Points of Contact

Government Resources

Email
government@energynet.com

Office
(877) 351-4488