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MGL No. 7

Loving County, TX
Texas General Land Office Oil and Gas Lease Sale, January 5, 2016

AUCTION SOLD

Registration Status:

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Your Bid Status:

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Tract:

MGL No. 7

Gross Acres:

160.00

Net Acres:

160.00

Time Remaining:

Auction has ended

Start Time:

11/21/2015 10:00 AM CST

End Time:

1/5/2016 10:00 AM CST

Minimum Bid:

$2,500 per acre

Total Lease Cost at Minimum Bid:

$410,631.58
(Bonus + Agency Fees + Buyer Premium)

Legal Description:

Tract Details

Lease Name

MGL No. 7

County, State

Loving, TX

Legal Description

9N15W FROM THE COUNTY SEAT, SECTION / TRACT 22, BLOCK 54, TSP 2-S IN THE T. & P. RY. CO. SURVEY

PSF Lands (Y/N)

Yes

Gross Acres

160.00

Net Acres

160.00

Part or Comments

SE/4

Dist. Dir. County Seat

9N15W

Sec. or Tract

22

Block

54

TSP

2-S

Survey

T. & P. RY. CO.

Royalty

25%

Group Name

Surveyed School Land

Additional Information

SURVEYED SCHOOL LAND

TERMS AND CONDITIONS
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.

ABBREVIATIONS AND DEFINITIONS
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.
Drilling Permits from the last 365 days in Loving County, Texas
source: www.drillinginfo.com

Drilling Rigs on Location in Loving County, Texas
source: www.drillinginfo.com
Notice: A Buyer Premium will be added to the total bonus amount cost of this lease, calculated as follows:
Tract Bonus BidBuyer's Premium
<=$50,0001.25%
>=$1,000,0001.00%
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%.
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.
GIS Data
GIS data in the form of a shapefile is available for this lease sale. Click here to download.
The Texas General Land Office has provided a GIS map viewer, which can be viewed by clicking on the following link. http://gisweb.glo.texas.gov/glomap/index.html.
Please be advised that the information contained herein is for REFERENCE USE ONLY and is not suitable for legal, engineering, or surveying purposes. Neither Texas nor EnergyNet.com shall be liable for any direct, indirect or consequential damages to any party arising out of or in connection with the use of data contained herein.
Contact Information
Texas GLO
George Martin
Landman
(512) 475-1512

Robert Hatter
Director Energy Resources
(512) 475-1542

 
 
 
 
EnergyNet
John S. Munroe
VP of Engineering / Government Lease Sales
(832) 403-3122

Gus Rivero
Manager of Government Lease Sales
(806) 463-3616

Brandon Savage
Land Tech / Government Lease Sales
(806) 463-3621