Server Time (CST): Jan. 24, 1:16:52p

MGL No. 26

Yoakum County, TX
Texas General Land Office Oil and Gas Lease Sale, January 19, 2021

AUCTION CANCELLED

Registration Status:

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Your Bid Status:

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Tract:

MGL No. 26

Gross Acres:

160.00

Net Acres:

160.00

Time Remaining:

Auction has ended

Start Time:

12/5/2020 10:00 AM CST

End Time:

1/19/2021 10:00 AM CST

Minimum Bid:

$1,500 per acre

Total Lease Cost at Minimum Bid:

$246,480
(Bonus + Agency Fees + Buyer Premium)

Legal Description:

Tract Details

Lease Name

MGL No. 26

County, State

Yoakum, TX

Legal Description

7S10W FROM THE COUNTY SEAT, SECTION/TRACT 637, BLOCK D IN THE JOHN H. GIBSON SURVEY

PSF Lands (Y/N)

Yes

Gross Acres

160.00

Net Acres

160.00

Part or Comments

NW/4

Block

D

Survey

JOHN H. GIBSON

Royalty

25%

Tract

637

Group Name

Surveyed School Land

Stipulations

SURVEYED SCHOOL LAND

The royalty on all surveyed school land is 25% of the gross production of oil and/or gas. The primary term of the lease shall be three (3) years. The annual delay rental thereon is fixed at $10.00 per acre beginning with the second year of the lease. Click here to view lease form.

ABBREVIATIONS AND DEFINITIONS

Resource Management Codes - Click here to view a detailed description

AC - Acre(s)
NAVI DIST - NAVIGATION DISTRICT: Indicates that all or a portion of the tract lies within the boundaries of a navigation district. Bidders should contact the applicable governing authority for the navigation district and the General Land Office for surface use restrictions.
POL - PORTION OUTSIDE LEASE: Indicates that the acreage within the boundaries of the tract is available for lease save and except any portion included in a valid oil and/or gas lease. Lease information is available in the mineral file located in the Archives and Records Division of the General Land Office.
POU - PORTION OUTSIDE UNIT: Indicates that the acreage within the boundaries of the tract is available for lease save and except any portion included in a valid oil and/or gas unit. Unit information is available in the mineral file located in the Archives and Records Division of the General Land Office.
PT - PART: Bidders should contact the General Land Office for further information.
TMLL - THREE MARINE LEAGUE LINE: Denotes tracts that are adjacent to the Three Marine League Line. These tracts have been submitted to the MMS for the coordination of acreage.
WFAL - Denotes tracts that are WEST of the FEDERAL ADMINISTRATION LINE.

Successful Bidder Notification

When the bids are accepted by the Texas General Land Office, 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

Notice: A Buyer Premium will be added to the total bonus amount cost of this lease, calculated as follows:

Tract Bonus Bid Buyer Premium
<=$50,000 1.25%
>=$1,000,000 1.00%

Buyer Premiums are only due for tracts which are sold and computed only on the winning bonus bid amount. The schedule offers a fixed rate of 1.25% up to a bonus bid value of $50,000 and then begins to slide linearly to a rate of 1.00% for a bonus bid value of $1,000,000. Bonus bids in excess of $1,000,000 are computed at a fixed rate of 1.00%.

Texas GLO Points of Contact

Landman
Jesse Arellano

Office
(512) 475-1499

Email
Jesse.Arellano@glo.texas.gov


Director Energy Resources
Robert Hatter

Office
(512) 475-1542

Email
Robert.Hatter@glo.texas.gov

EnergyNet Points of Contact

Government Resources
Email
government@energynet.com

Office
(877) 351-4488