Latest posts tagged on "PUF"
University Lands has restored the site of the first well to produce crude oil on its lands. The site of the Santa Rita #1 well, about an hour outside of Midland, TX, in Reagan county, received a complete makeover while preserving as much of the site’s original fabric as possible.
University Lands has published its first ever annual report for fiscal year 2019 which was an unprecedented year for the organization.
University Lands presented one of its recent Permian Basin case studies at the 2019 Unconventional Resources Technology Conference (URTeC) held in Denver, CO this past week. Led by Senior Engineering Advisor Hongjie Xiong, the team illustrated the case for maximizing reservoir development with optimal full field development plans (FDPs). Utilizing optimal well spacing and corresponding well completion design, the study shows that there is a sweet spot that will allow operators to realize significant increased value in recovered resources.
University Lands’ Senior Engineering Advisor Hongjie Xiong on Thursday presented an SPE case study on well completion optimization at Marathon Oil’s Reservoir Engineering Forum. UL’s engineering team recently completed the seven- well case study using the latest complex fracture modeling and reservoir simulation technologies. The application of these technologies could potentially help operators save significant time and money on well completion and space piloting projects, thus speeding up field development decisions.
UL has launched a new cost-sharing initiative to encourage oil and gas operators to implement measurable emission reduction programs on its lands.
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.”
The Perryman Group estimates that on average almost 7,400 persons are at work on PUF Lands when viewed on a full-time equivalent basis, with a much higher number (often 20,000 or more) spending a portion of their workdays on the PUF Lands...
University Lands is actively seeking to lease PUF Lands for solar energy developments...