Server Time (CST): Nov. 29, 2:22:26p

OSU Tract 2

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

AUCTION IS ACTIVE

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Registration Status:

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Tract:

OSU Tract 2

Gross Acres:

40.00

Net Acres:

10.00

Time Remaining:

9D 20H 7M 34S

Start Time:

11/9/2020 10:30 AM CST

End Time:

12/9/2020 10:30 AM CST

Minimum Bid:

$50

Total Lease Cost at Minimum Bid:

$71
(Bonus + Delay Rental + 2% Buyer Premium)

Legal Description:

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

Government Resources

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government@energynet.com

Office
(877) 351-4488