MGL No. 2
Burleson County, TX
Texas General Land Office Oil and Gas Lease Sale, September 5, 2023
SOLD
SOLD
Registration Status:
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Your Bid Status:
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Tract:
MGL No. 2
Gross Acres:
2,720.868
Net Acres:
680.217
Time Remaining:
Auction has ended
Start Time:
8/3/2023 10:00 AM CDT
End Time:
9/5/2023 10:00 AM CDT
Minimum Bid:
$100 per acre
Total Tract Cost at Minimum Bid:
$69,889.08
(Bonus + Agency Fees + Buyer Premium)
Legal Description:
2,720.8680 gross acres (680.217 net acres), more or less, located in the J.P. Cole Survey A-12, and also being 3,253.064 acres, this same tract is described as Tract No. 1 and Tract No.2 and called 3,477.78 acres in a Warranty Deed from Lewis-Simpson Ranch, Inc. to Buffalo Ranch Company Ltd. on June 7, 1979 and being recorded in Volume 255, Page 115 of the Deed Records of Burleson County, Texas, SAVE AND EXCEPT that certain tract of land containing 532.196 acres, more or less, lying within the boundaries of that certain pooled unit known as the Carr-Buffalo Ranch Unit-1 covering 600 acres, more or less, and described and identified in that Pooling Agreement dated effective December 3, 2013, leaving the total acreage as 2,720.8680 acres.
Tract Details
Lease Name
MGL No. 2
County, State
Burleson, TX
Legal Description
2,720.8680 gross acres (680.217 net acres), more or less, located in the J.P. Cole Survey A-12, and also being 3,253.064 acres, this same tract is described as Tract No. 1 and Tract No.2 and called 3,477.78 acres in a Warranty Deed from Lewis-Simpson Ranch, Inc. to Buffalo Ranch Company Ltd. on June 7, 1979 and being recorded in Volume 255, Page 115 of the Deed Records of Burleson County, Texas, SAVE AND EXCEPT that certain tract of land containing 532.196 acres, more or less, lying within the boundaries of that certain pooled unit known as the Carr-Buffalo Ranch Unit-1 covering 600 acres, more or less, and described and identified in that Pooling Agreement dated effective December 3, 2013, leaving the total acreage as 2,720.8680 acres.
PSF Lands (Y/N)
Yes
Gross Acres
2,720.868
Net Acres
680.217
Royalty
25%
Area
JOHN P COLES
Part
BUFFALO RANCH
Group Name
Uplands
Stipulations
UPLANDS
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.
Important Notice
The bids for the General Land Office Lease Sale will still close at 10:00 a.m. on Tuesday, September 5, 2023, and will then be opened according to normal procedure.
Recommended bidders will be notified immediately and payment will be due by Thursday, September 7, 2023. Payments will be held in suspense by EnergyNet.
The previously scheduled September 5, 2023, meeting of the School Land Board has been cancelled. The leases will be recommended for approval at the next School Land Board meeting on Tuesday, October 3, 2023.
Once approved, the leases will have an effective date of October 3, 2023. At this time they will be signed and mailed to the winning bidders.
Questions may be directed to Todd Hilliard at (512) 475-1534 or to todd.hilliard@glo.texas.gov
Surface Use Restrictions
This lease is subject to Surface Use Restrictions
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
EnergyNet Points of Contact