Latest posts on category "Lease Sale"
Lease Sale 131 - Wednesday, October 12, 2022
Bid acceptance ends at 10:00 AM on Wednesday, October 12, 2022
University Lands held its 129th mineral lease sale online with EnergyNet.com on September 19, 2018, which resulted in ~25,000 acres of Permanent University Fund (PUF) land being leased for a total of $24,000,000 in lease bonus revenue.
MIDLAND, Texas — University Lands, the entity charged with managing 2 million acres of land in West Texas for the benefit of the Permanent University Fund, completed a lease sale process Wednesday that generated $118 million in total revenue.
Approximately 43,724 acres were leased through the sale process, with some acres going for more than $12,000 per acre. The average per acre lease price was $2,700 per acre.
“We are very pleased with the results of today’s sale, which will move the ball forward significantly to ensure continued development of these assets,” said Mark Houser, CEO of University Lands. “Bringing in this level of revenue to support higher education and health care across Texas is an honor.”