THE TEXAS A&M UNIVERSITY SYSTEM NOTICE OF SALE OF OIL & GAS LEASE
The Board of Regents of The Texas A&M University System, pursuant to provisions of V.T.C.A., Education Code, Chapter 85, as amended, and subject to all policies and regulations promulgated by the Board of Regents, offers for sale at public auction in Room 743, The Texas A&M University System, Moore-Connally Building, 301 Tarrow, College Station, Texas, at 10:00 a.m., Wednesday, November 19, 2014, an oil and gas lease on the following described land in Brazos County, Texas. The property offered for lease consists of approximately 4,716 gross acres, more or less, insofar as such acreage covers depths not currently held by production, and is more particularly described on the following website: http://www.tamus.edu/offices/realestate/forlease/. The auctioned acreage will be divided into two (2) tracts, and the successful bidder will be required to execute a separate lease for each tract. Each lease will obligate lessee to drill and complete a well every 18 months during the primary term (total: two (2) wells during primary term of each lease).
The minimum lease terms, which apply to this acreage, are as follows:
1. Bonus: No less than $5,000 per net mineral acre
2. Royalty: 25%
3. Primary Term: Three (3) years
4. Pre-paid Delay Rental: $50 per acre
5. Net Mineral Acres (including executive rights): 4,667 (More or Less)
6. Well Commitment: One (1) well completed every 18 months for each lease
The lease will be without warranty of any kind. Each bidder will be required to conduct its own due diligence to confirm title to, and availability of, the mineral interests being leased.
Prior to bidding at the auction, each bidder will be required to register and sign a Certification Statement agreeing to be bound by the terms thereof.
The successful bidder shall pay 25% of the bonus amount by 5:00 pm the day of the auction. The balance shall be paid within 24 hours after notification that the bid has been accepted. All payments shall be by certified check, cashier’s check or wire transfer. Failure to pay the balance of the amount bid will result in forfeiture of the 25% paid.
The Texas A&M University System RESERVES THE RIGHT TO REJECT ANY AND ALL BIDS. Should TAMUS reject all bids, the bid bonus will be returned to you if you are the successful bidder.
Visit http://www.tamus.edu/offices/realestate/forlease/ for additional details and requirements.
Further inquiries concerning oil and gas leases on A&M System land should be directed to:
Melody Meyer/ System Real Estate
The Texas A&M University System
301 Tarrow, 6th Floor
College Station, Texas 77840-7896