AUSTIN -- The Board for Lease of University Lands on Wednesday (Nov. 18) awarded 31 oil and gas leases covering 8,948 acres for total bonuses of more than $577,821.

 

The high bid of $97,742, or $302 per acre, was offered by Staghorn Resources LLC on a 323.65-acre tract in Andrews County.

 

Winning bids averaged $64.58 per acre. The top two bidders were Staghorn Resources, LLC ($146,613) and Hanley Exploration, Inc. ($119,660).

 

University of Texas System Regent Lowell Lebermann, whose term expires in February, reflected on his service on the board and said that he was pleased at what had been accomplished during his six-year tenure. In that period, oil and gas lease bonuses of nearly $46 million and royalties of more than $360 million were deposited in the Permanent University Fund, and 870,000 acres were leased for oil and gas exploration.

 

That total included more than 400,000 acres of rank wildcat acreage in Hudspeth County leased in the last year, bringing the total number of acres leased to more than 1.3 million, more than at any time in the history of University Lands.

 

Over the last several years, under the leadership of state Land Commissioner Garry Mauro, the Board for Lease has implemented initiatives to promote leasing, exploration, and development on University Lands.