Server Time (CDT): Mar. 28, 10:11:47a

MGL No. 291

Reeves County, TX
Texas General Land Office Oil and Gas Lease Sale, April 3, 2018

SOLD

Registration Status:

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Your Bid Status:

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Tract:

MGL No. 291

Gross Acres:

640.00

Net Acres:

640.00

Time Remaining:

Auction has ended

Start Time:

3/10/2018 9:00 AM CST

End Time:

4/3/2018 10:00 AM CDT

Minimum Bid:

$3,500 per acre

Total Tract Cost at Minimum Bid:

$2,296,000
(Bonus + Agency Fees + Buyer Premium)

Legal Description:

Tract Details

Lease Name

MGL No. 291

County, State

Reeves, TX

Legal Description

12N18W FROM THE COUNTY SEAT, SECTION/TRACT 21, BLOCK C-19 IN THE PUBLIC SCHOOL LAND SURVEY
LIMITED TO DEPTHS BELOW 11,420 FEET ONLY

PSF Lands (Y/N)

Yes

Gross Acres

640.00

Net Acres

640.00

Part or Comments

ALL

Dist. Dir. County Seat

12N18W

Sec. or Tract

21

Block

C-19

Survey

PUBLIC SCHOOL LAND

Royalty

25%

Group Name

SURVEYED SCHOOL LAND

Additional Information

LEASE TERMS AND CONDITIONS

SURVEYED SCHOOL LAND

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.

OFFSET ACTIVITY

Completions from the last 365 days in Reeves County, Texas

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

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Drilling Rigs on location in Reeves 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 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.


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

Heather Fugger
Government Lease Sales Analyst
(806) 463-3619
Email: Heather.Fugger@energynet.com