SOLD
Registration Status:
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Tract:
MGL No. 88
Gross Acres:
40.00
Net Acres:
40.00
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:
$4,110
(Bonus + Agency Fees + Buyer Premium)
Legal Description:
PART OF N/2 OF TRACT 224 IN THE ESPIRITU SANTO BAY
40 ACRES IN THE FORM OF A SQUARE AROUND THE WELLBORE BOTTOM HOLE LOCATION IDENTIFIED BY API NO. 42-047-31604
Tract Details
Lease Name
MGL No. 88
County, State
Calhoun, TX
Legal Description
PART OF N/2 OF TRACT 224 IN THE ESPIRITU SANTO BAY
40 ACRES IN THE FORM OF A SQUARE AROUND THE WELLBORE BOTTOM HOLE LOCATION IDENTIFIED BY API NO. 42-047-31604
PSF Lands (Y/N)
Yes
Gross Acres
40.00
Net Acres
40.00
Survey
ESPIRITU SANTO BAY
Royalty
25%
Area
ESPIRITU SANTO BAY
Part
PART OF N/2
Tract
224
Group Name
Bays, Lakes, Islands and Bayous
Resource Management Code
CC, DA, DB, MA, MK, MN, OA, OH, RW, OM, OP
Stipulations
BAYS, LAKES, ISLANDS AND BAYOUS
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:
If the initial well drilled is a dry hole, the lessee may receive the lower royalty rates as follows:
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.
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
Offset Activity
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%.
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