AUCTION CANCELLED
Registration Status:
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Tract:
MGL No. 107
Gross Acres:
320.00
Net Acres:
320.00
Time Remaining:
Auction has ended
Start Time:
12/3/2016 10:00 AM CST
End Time:
1/17/2017 10:00 AM CST
Minimum Bid:
$100 per acre
Total Tract Cost at Minimum Bid:
$32,880
(Bonus + Agency Fees + Buyer Premium)
Legal Description:
SECTION/TRACT 884-S IN THE MUSTANG ISLAND
Tract Details
Lease Name
MGL No. 107
County, State
Nueces, TX
Legal Description
SECTION/TRACT 884-S IN THE MUSTANG ISLAND
PSF Lands (Y/N)
No
Gross Acres
320.00
Net Acres
320.00
Sec. or Tract
884-S
Royalty
25%
Area
MUSTANG ISLAND
Part
N/2
Tract
884-S
Group Name
Gulf of Mexico
Resource Management Code
CC, MA, MJ, TD
Additional Information
LEASE TERMS AND CONDITIONS
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:
àààààààààââÅ 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.
àààààààààââÅ 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:
àààààààààââÅ 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.
àààààààààââÅ 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
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 Ãâ 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.
OFFSET ACTIVITY
Drilling Permits from the last 365 days in Nueces County, Texas
Completions from the last 365 days in Nueces County, Texas
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's 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%.
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
Email: George.Martin@glo.texas.gov
Robert Hatter
Director Energy Resources
(512) 475-1542
Email: Robert.Hatter@glo.texas.gov
EnergyNet
Gus Rivero
Manager of Government Lease Sales
(806) 463-3616
Email: Gus.Rivero@energynet.com
Brandon Savage
Assistant Manager of Government Lease Sales
(806) 463-3621
Email: Brandon.Savage@energynet.com