Properties Available for Lease
Surface Holdings Available for Lease
- None currently available
Minimum Terms and Conditions of Sale of an Oil, Gas, and Sulphur Lease
The minimum lease terms, which apply to the available tracts, are as follows:
| (1) Bonus: | $150.00 per net mineral acre |
|---|---|
| (2) Royalty: | twenty-five percent (25%) |
| (3) Delay Rental: | $10.00 per net mineral acre |
| (4) Primary term: | Three (3) years |
| (5) Commitment to Drill: | Within first year |
| (6) Continuous Drilling Commitment: | 120 days |
| (7) Net Mineral Acres: | Specify Net Mineral Acreage |
Nominations will require payment of 25% of the bonus bid in order to schedule an Oil and Gas auction. Highest bidder at the auction shall pay to the Board of Regents on the day of the sal 25% of the bonus bid, and the balance of the bid shall be paid to the Board within twenty-four (24) hours after notification that the bid has been accepted. All payments shall be in cashier's check or as the Board may direct. Failure to pay the balance of the bid amount, and acceptance of that bid by the Board, will result in forteiture of the 25% down payment paid to the Board. The Board of Regents of The Texas A&M University System, RESERVES THE RIGHT TO REJECT ANY AND ALL BIDS. The successful bidder will be required to pay all advertising and administrative expenses.
Further inquiries concerning oil, gas and sulphur leases on System land should be directed to the Assistant Vice Chancellor and Director of Real Estate, Dan Buchly.
