OSU Tract 2
Payne County, OK
State of Oklahoma Oil and Gas Sealed Bid Lease Sale
SOLD
SOLD
Registration Status:
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Your Bid Status:
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Tract:
OSU Tract 2
Gross Acres:
40.00
Net Acres:
10.00
Time Remaining:
Auction has ended
Start Time:
11/9/2020 10:30 AM CST
End Time:
12/9/2020 10:30 AM CST
Minimum Bid:
$50
Total Tract Cost at Minimum Bid:
$71
(Bonus + Delay Rental + 2% Buyer Premium)
Legal Description:
T19N, R01E, IM
Sec. 15: NW/4 NW/4
25.00% Mineral Rights
Tract Details
Tract No.
OSU Tract 2
County, State
Payne, OK
Legal Description
T19N, R01E, IM
Sec. 15: NW/4 NW/4
25.00% Mineral Rights
Mineral Rights %
25.00%
Net Acres
10.00
Gross Acres
40.00
Royalty
3/16ths
Rental Due
$20
Advertisement Fee
To Be Determined by CLO
Lease Term
3
OSU 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 Board of Regents for Oklahoma Agricultural and Mechanical Colleges, 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.
NOTE: These leases do not include and specifically exclude the right to conduct exploration or production activities of any kind on the surface of the lands covered herein.
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