University Lands lease sale nets nearly $70 Million
MIDLAND – The latest lease sale of University Lands has netted nearly $70 million for the Permanent University Fund (PUF).
The 123rd sealed bid lease sale was held April 11 in Midland by the Board for Lease of University Lands. The latest lease sale raised $69,621,275 and follows several previous sales in which a record amount of funding was raised for the PUF, the public endowment that helps support institutions in The University of Texas System and the Texas A&M University System.
Total acres leased were 60,844, bringing the total University Lands under lease to 1,469,636 acres. The lease sale offered a total of 124.688 acres in Andrews, Crockett, Gaines, Martin, Pecos, Reagan, Schleicher, Terrell and Upton Counties. Sealed bids were received on 149 of the 287 tracts offered.
"The oil and gas industry in Texas is strong and higher education is the beneficiary thanks to the hard work of all involved in making it happen," said James Dannenbaum, vice-chairman of the Board for Lease of University Lands.
T. Verne Dwyer had the highest single and per-acre bid on Tract 16, a 480.0 acre tract in Andrews County, Texas. The per-acre bid of $5,167.00 totaled $2,480,246.40.
The next lease sale is scheduled for Sept. 18 in Midland. Information about these sales may be obtained by writing to the office of University Lands, P.O. Box 553, Midland, Texas 79702, or by calling (432) 684-4404. Additional information, including oil and gas well data and production data is also available at the University Lands website.
About The University of Texas System
Educating students, providing care for patients, conducting groundbreaking research and serving the needs of Texans and the nation for more than 130 years, The University of Texas System is one of the largest public university systems in the United States, with nine academic universities, six health institutions and a fall 2012 enrollment of roughly 216,000. The UT System confers more than one-third of the state’s undergraduate degrees, educates two-thirds of the state’s health care professionals annually and accounts for almost 70 percent of all research funds awarded to public universities in Texas. The UT System has an annual operating budget of $13.9 billion (FY 2013) including $3.1 billion in sponsored programs funded by federal, state, local and private sources. With more than 87,000 employees, the UT System is one of the largest employers in the state.