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Table of Contents

University Lands Sealed Bid Sale No. 128, September 20, 2017

Tract 123

Andrews County, TX
Gross Acres: 8,511.692; Net Acres: 8,511.692

Current sealed bid status

This sale has been cancelled

Bids Due: 9/20/2017 10:00 AM CDT

Offer information at a glance

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Minimum Bid: $12,767,538

Minimum Bid/acre: $1,500

Buyer Premium: 1.25% - 1.00%

University Lands Sale Fee: 1.50%

Locator Map

Andrews, TX

Tract Details

Tract Tract 123
County, State Andrews, TX
Legal Description Block 4, Sec. 4: E2NE (Below 11423')
Block 4, Sec. 4: S2 & NW & W2NE
Block 4, Sec. 5: All
Block 4, Sec. 8: N2 & W2SW
Block 4, Sec. 8: SE & E2SW (Below 11180')
Block 4, Sec. 9: E2NE (Below 10616')
Block 4, Sec. 9: S2 & NW & W2NE
Block 4, Sec. 16: NW & E2SW
Block 4, Sec. 16: W2SW (Below 11525')
Block 4, Sec. 17: All
Block 4, Sec. 18: S2 & NE
Block 4, Sec. 19: All
Block 4, Sec. 20: All
Block 4, Sec. 21: N2 & SW
Block 4, Sec. 27: NWNW
Block 4, Sec. 28: All
Block 4, Sec. 29: S2
Block 4, Sec. 30: All
Block 4, Sec. 31: N2 & SE
Block 4, Sec. 32: N2
Block 4, Sec. 33: NE & E2SE (Below 11408')
Block 4, Sec. 33: NWNW
Gross Acres 8,511.692
Net Acres 8,511.692
Delay Rental ($25/acre) $212,792.30
Royalty 25%
Depth Restrictions See Above

LEASE TERMS AND CONDITIONS

Tract 123 comprises 22 individual parcels of land as described above and containing 8,511.692 acres and will be bid upon as a Lot, but will consist of as many separate lease agreements as parcels of land described. The minimum consideration that will be accepted for this Tract will be a cash bonus of $1,500.00 per acre, plus the delay rental fee of $25 per acre and the legally required 1.5% special fee as described in the Texas Education code, Section 66.66. Each parcel of this Tract shall constitute a separate leased area and will be subject to all terms and conditions of the Oil & Gas Lease, Form 48.

Effective September 20th, 2017 with a primary term of three (3) years and a Royalty rate of 25%. Click here to view lease form.

These Leases are subject to any and all existing pipeline, road or utility easements, surface or commercial agreements, and encumbrances of any nature affecting the Premises or any part thereof, and the rights of the parties thereunder, which are evidenced by documentation filed of record in the Official Public Records of the County where the Premises are located as of the Effective Date or that a true and correct survey would reveal.

PROSPECTIVE INTERVALS

OFFSET ACTIVITY

Completions from the last 365 days in Andrews County, Texas

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Drilling Permits from the last 365 days in Andrews County, Texas

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Drilling Rigs on location in Andrews County, Texas

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BUYER PREMIUM

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 University Lands of Texas, the successful bidder will be notified via email with closing instructions, including total amount due.


CONTACT INFORMATION


University Lands

Brian Owen
Land Director
(918) 232-3958-4753
Email: BOwen@utsystem.edu

Lisa Belue
Sr. Land Associate
(432) 686-5479
Email: LBelue@utsystem.edu

David DeFelice
Geoscience Director (Technical Overview)
(713) 352-3850
Email: DDeFelice@utsystem.edu

EnergyNet

John S. Munroe
VP of Engineering / Government Lease Sales
(832) 403-3122
Email: John.Munroe@energynet.com

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