The A&M System owns or controls over 54,000 mineral acres. Interested parties should contact the System Real Estate Office for further information.
The minimum lease terms, which apply to the available tracts and are subject to change without notice, are as follows:
| (1) Bonus: | Market, but not less than $150.00 per net mineral acre |
|---|---|
| (2) Royalty: | 25% |
| (3) Delay Rental: | Market |
| (4) Primary term: | Three (3) years |
| (5) Commitment to Drill: | Within first year |
| (6) Continuous Drilling Commitment: | 120 days |
The authority to lease mineral rights is vested in the Board of Regents of The Texas A&M University System. Mineral rights may be leased only through public auction initiated by the System or a third party. A third party desiring to initiate the auction process must pay a nonrefundable fee in an amount determined by the System Real Estate Office to cover administrative costs and the costs of advertising the auction. The highest bidder must pay 25% of the bonus bid on the day of the sale, and the balance of the bid within twenty-four (24) hours after notification that the bid has been accepted. All payments shall be by cashier's check payable to the System or as the Board may otherwise direct. Failure to pay the balance of the bid amount, after acceptance of the bid by the Board, will result in forfeiture of the 25% down payment. The Board RESERVES THE RIGHT TO REJECT ANY AND ALL BIDS.
Further inquiries concerning oil, gas and sulphur leases on System land should be directed to the System Real Estate Office.