Server Time (CDT): Mar. 28, 4:47:56a

Tract No. 5
TRMS1354

Adams County, CO
Colorado State Land Board Lease Sale, May 17, 2018

SOLD

Property Schedule

Due Diligence Began 4/18/2018
Bidding Started 5/10/2018
Bidding Ended 5/17/2018 10:08 AM

Registration Status:

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Your Bid Status:

You have not bid on this lot

Tract:

Tract No. 5
TRMS1354

Gross Acres:

640.00

Net Acres:

640.00

Time Remaining:

Auction has ended

Start Time:

5/10/2018 9:08 AM MDT / 10:08 AM CDT

End Time:

5/17/2018 9:08 AM MDT / 10:08 AM CDT

Your Bid:

-

Highest Bid:

$251/acre

Starting Bid:

$0/acre

Bid Increment:

$1

Total Cost at Highest Bid:

$165,584.80
(Bonus + Agency Fees + Advanced Rental + 2% Buyer Premium)

Legal Description:

Tract Details

Tract No.

Tract No. 5
TRMS1354

County, State

Adams, CO

Legal Description

T3S, R64W 6th PM
Sec. 16: ALL

Gross Acres

640.00

Net Acres

640.00

State Owns Surface

NO

Royalty Rate

20%

Rental/Acre (Per Year)

$2.50

CO Application Fee

$100.00

Buyer Premium

2.00%

Additional Information

TERMS

Purchase price includes the lease bonus and 1st year rental and buyer's premium. Buyer will be responsible for paying rental payments for years 2 through 5.

Data represented on these maps is for REFERENCE USE ONLY and is not suitable for legal, engineering, or surveying purposes. Neither Colorado 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 on these maps.

There is no assurance that there is any potential for production on any tract offered for leasing by the State Board of Land Commissioners.

Revisions to the Oil and Gas Lease form were approved by the Board, effective for the May auction. Some of these revision include:

  • Addition of Paragraph 4(d) "Land Board Policies, Directives and Schedules": Lessee's responsibility to be aware of and comply with all published Board Policies
  • Addition of Paragraph 4(e)(vii) "Unmanned Aerial Systems (UAS)": Lessor's right to use UAS (otherwise known as drones) to inspect property
  • Updated "Natural Gas Liquids", "Shut-in", and "Temporarily Abandoned" definitions
  • Elimination of the six-months' royalty-free flaring provision
  • Reduction of overriding royalty allowance to 3%
  • Clarification regarding the requirement to obtain a Communitization Agreement to pool state trust minerals
  • Revision of Shut-in Wells Paragraph: shut-in is permitted for lack of market only, limits shut-in period to two (2) years, requires payment of shut-in royalty within 90 days of shutting-in a lease, and clarifies plugging and abandonment of a well will end shut-in period
  • Inclusion of a new "Temporarily Abandoned Wells and Mechanical Delays" paragraph permitting 60 days to repair a well with extensions to be granted by Staff

Click here to view the updated lease form.

LEASE STIPULATIONS

OG STIP 4- SEVERED ESTATE OF NO KNOWN BIOLOGICAL ISSUES

As of the effective date of the Lease, there are no known Colorado Parks & Wildlife (CPW) mapped High Priority Habitat (HPH) and/or occurrences of Federally-listed Endangered, Threatened, or Candidate wildlife or plant species as mapped by Colorado Natural Heritage Program (CNHP), on the leased land. Lessee must notify Lessor’s District Manager prior to surface access and occupancy and in connection with any proposed oil and gas operations, including, without limitation, the submittal of a Location Assessment or an Application for Permit to Drill (APD). Lessee is encouraged to notify CPW and CNHP in connection with the required surface owner notice.

OFFSET ACTIVITY

Completions from the last 365 days in Adams County, Colorado

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Drilling Permits from the last 365 days in Adams County, Colorado

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Drilling Rigs on location in Adams County, Colorado

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SUCCESSFUL BIDDER NOTIFICATION

After all auctions have closed, 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

A 2% Buyer Premium, calculated as 2% of the total rental, will be added to the cost of this lease.


CONTACT INFORMATION


Colorado

Catie Stitt
Oil and Gas Specialist
(303) 866-3454 ext 3326
Email: Catie.Stitt@state.co.us

EnergyNet

Gus Rivero
Vice President of Government Lease Sales
(806) 463-3616
Email: Gus.Rivero@energynet.com

Brandon Savage
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


Bid History (Top 10)

Bidder

Placed

Amount

Bidder #16

5/17/2018 10:06:47 AM

$251

Bidder #17

5/17/2018 10:07:55 AM

$250

Bidder #16

5/17/2018 10:06:47 AM

$127

Bidder #18

5/17/2018 10:07:49 AM

$126

Bidder #16

5/17/2018 10:06:47 AM

$27

Bidder #26

5/17/2018 10:06:14 AM

$26

Bidder #28

5/17/2018 10:06:38 AM

$7

Bidder #26

5/17/2018 10:06:14 AM

$6

Bidder #30

5/17/2018 10:05:50 AM

$5