Leasing Unit No. 68
AUCTION CANCELLED
October 26th, 2018
6:00 PM CDT / 5:00 PM MDT
Sec. 28: W½NW¼, SW¼
Lease Details
Sec. 28: W½NW¼, SW¼
Lease Terms and Conditions
All bidding and lease sales on SITLA properties listed on this website shall be subject to the statutes, administrative rules, and other laws of the State of Utah, including but not limited to the Utah Government Records Access and Management Act, UTAH CODE §63G-2-101, et. seq.
The Applicant offers minimum of $500.00 per lease unit, regardless of acreage, or $3.00 per acre and for each fractional part of an acre (fractional acre is rounded up to one full acre) whichever is greater. The minimum bid shall apply to the first year annual lease rental. Annual rentals for the first ten (10) lease years will be $3.00 per acre. Commencing with the sixth (6th) lease year, and for each year thereafter, Lessee shall pay SITLA an additional annual minimum royalty of $5,000.00 in advance of the beginning of each lease year (the "Minimum Royalty"). Lessee may credit each lease-year's Minimum Royalty payment against actual production royalties accruing during that lease year, but may not credit the Minimum Royalty against production royalties accruing in another year. Lessee may not credit Minimum Royalties against the annual rentals or bonus bids. Click here to view lease form.
Failure of funds or failure to execute a lease within 30 days of receipt shall constitute a forfeiture of the bonus bid and termination of the lease agreement.
Successful Bidder Notification
When the bids are accepted by SITLA, 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 bid amount, will be added to the cost of this lease.
Utah School and Institutional Trust Land Administration Points of Contact
EnergyNet Points of Contact
VP of Government Lease Sales
Gus Rivero
Email
Gus.Rivero@energynet.com
Office
(806) 463-3616
Manager of Government Lease Sales
Brandon Savage
Email
Brandon.Savage@energynet.com
Office
(806) 463-3621
Government Lease Sales Analyst
Heather Fugger
Email
Heather.Fugger@energynet.com
Office
(806) 463-3619