Server Time (CST): Nov. 29, 1:24:22p

CLO Tract 22

Kay County, OK
State of Oklahoma Oil and Gas Sealed Bid Lease Sale

AUCTION IS ACTIVE

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Tract:

CLO Tract 22

Gross Acres:

160.00

Net Acres:

160.00

Time Remaining:

9D 21H 5M 38S

Start Time:

11/9/2020 10:30 AM CST

End Time:

12/9/2020 10:30 AM CST

Minimum Bid:

$800

Total Lease Cost at Minimum Bid:

$1,136
(Bonus + Delay Rental + 2% Buyer Premium)

Legal Description:

Tract Details

Tract No.

CLO Tract 22

County, State

Kay, OK

Legal Description

T27N, R01E, IM
Sec. 16: SE/4
Subject to Existing Agreement

Mineral Rights %

100.00%

Net Acres

160.00

Gross Acres

160.00

Royalty

3/16ths

Rental Due

$320

Advertisement Fee

To Be Determined by CLO

Lease Term

3

CLO Terms and Conditions of Sale

TERMS AND CONDITIONS OF SALE: The Lease will be on a form prescribed by the CLO for a term of three years, and as may be extended, and will provide for 3/16ths royalty, and an annual delay rental of $1.00 per net acre to be paid in full before lease is issued, in addition to lease bonus. Bids shall be for a cash bonus for each tract, but no bid of less than $5.00 per acre will be considered. The successful bidder shall be liable for the full amount of the bid, all delay rentals and cost of advertising. Full payment is due 30 days from the date of acceptance of the bid.

Click here to view the lease form.

Failure to comply with any of the terms and conditions of sale will be grounds for the cancellation of the award and the retention of the deposit of earnest money as liquidated damages at the election of the Secretary.

The Commissioners of the Land Office and the State of Oklahoma make no warranty of title and reserve the right to reject any and all bids.

Existing Agreement Notice

This lease is subject to an existing wind energy lease. Potential bidders are advised to examin this contract on file at the Commissioners of the Land Office.

Successful Bidder Notification

After all auctions have closed, the successful bidder will be notified via email with closing instructions, including total amount due.

Buyer Premium

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

Commissioners of the Land Office Point of Contact

Dan Whitmarsh
Director, Minerals Management Division

Office
(405) 521-4098

CLO Website https://CLO.OK.gov

EnergyNet Point of Contact

Government Resources

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Office
(877) 351-4488