SOLD
Registration Status:
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Your Bid Status:
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Tract:
OSU Tract 2
Gross Acres:
64.00
Net Acres:
64.00
Time Remaining:
Auction has ended
Start Time:
5/16/2022 10:30 AM CDT
End Time:
6/15/2022 10:30 AM CDT
Minimum Bid:
$320
Total Tract Cost at Minimum Bid:
$454.40
(Bonus + Delay Rental + 2% Buyer Premium)
Legal Description:
T07N, R07W, IM
Sec. 26: All that portion of the following tract as it pertains to Section 26-07N-07WIM only: A certain tract of land located in Sections 26 and 35-07N-07WIM, more particularly described as follows, to-wit: Beginning at a point 397.15 feet south and 520 feet east of the Northwest corner of the SW/4 SW/4 of Section 26-07N-07WIM: thence south 2,242.85 feet; thence east 3,451 feet to the northwest corner of the NW/4 SE/4 NE/4 of Section 35-07N-07WIM: thence running south 660 feet; thence east 662.1 feet; thence north 2,640 feet to the northeast corner of the SW/4 SE/4 SE/4 of Section 26-07N-07WIM; thence running west 3,314.25 feet; thence running north 188 feet; thence running in a Northwesterly direction a distance of 805.15 feet to the point of beginning, less and except all accretion and riparian rights lying outside of Section 26-07N-07WIM, also limited to below 14,550 feet.
Tract Details
Tract No.
OSU Tract 2
County, State
Grady, OK
Legal Description
T07N, R07W, IM
Sec. 26: All that portion of the following tract as it pertains to Section 26-07N-07WIM only: A certain tract of land located in Sections 26 and 35-07N-07WIM, more particularly described as follows, to-wit: Beginning at a point 397.15 feet south and 520 feet east of the Northwest corner of the SW/4 SW/4 of Section 26-07N-07WIM: thence south 2,242.85 feet; thence east 3,451 feet to the northwest corner of the NW/4 SE/4 NE/4 of Section 35-07N-07WIM: thence running south 660 feet; thence east 662.1 feet; thence north 2,640 feet to the northeast corner of the SW/4 SE/4 SE/4 of Section 26-07N-07WIM; thence running west 3,314.25 feet; thence running north 188 feet; thence running in a Northwesterly direction a distance of 805.15 feet to the point of beginning, less and except all accretion and riparian rights lying outside of Section 26-07N-07WIM, also limited to below 14,550 feet.
Mineral Rights %
100.00%
Net Acres
64.00
Gross Acres
64.00
Royalty
3/16ths
Rental Due
$128
Advertisement Fee
To Be Determined by CLO
Lease Term
3
OSU Terms & 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.
Pursuant to OAC 385:15-1-9; Successful bidders awarded oil and gas leases by the Land Office shall pay a performance fee of $1.00 per net mineral acre leased.
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.
Important Notice Regarding Lessee Name
Please note that you must bid in the name you want on your lease.
Once the auction is closed, an assignment must be submitted for any name changes.
Please contact the Commissioners of the Land Office or view the website for consent to assignment procedures.
www.clo.ok.gov/services/minerals-leasing
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
EnergyNet Point of Contact