EnergyNet - Property Information for Lot 60311; Leasing Unit No. 79

Registration Status:

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Your Bid Status:

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Lease:

Leasing Unit No. 79

Gross Acres:

640.00

Net Acres:

640.00

Time Remaining:

Auction has ended

Schedule Status:

Bids Due:
July 26th, 2019
6:00 PM CDT / 5:00 PM MDT

Minimum Bid:

$3 per acre

Total Lease Cost at Minimum Bid:

$1,988.40
(Bonus + Agency Fees + Buyer Premium)

Legal Description:

T24S, R14E, SLB&M
Sec. 32: ALL

Lease Details

Lease Name

Leasing Unit No. 79

County, State

Emery, UT

Legal Description

T24S, R14E, SLB&M
Sec. 32: ALL

Gross Acres

640.00

Net Acres

640.00

Royalty

Greater of 10% or $3 per ton

Lease Term

10 years

Application Fee

$30.00

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 a minimum bid of $500.00 per leasing unit or $3.00 per acre, whichever is greater, covering the first year's annual rental. Fractional acres are rounded up to one full acre. 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

Industrial Sands Commodity
Andrew Bedingfield

Email
abedingfield@utah.gov

Office
(801) 538-5158

EnergyNet Points of Contact

VP, Government Resources
Gus Rivero

Email
Gus.Rivero@energynet.com