Sale of University Lands oil and gas leases surpasses $74 million
MIDLAND – The latest lease sale of University Lands has netted slightly more than $74 million for the Permanent University Fund (PUF).
The 124th sealed bid lease sale was held Sept. 18 by the Board for Lease of University Lands. The sale garnered $74,079,879 – $4 million greater than the April 11 sale – and follows several previous sales in which record amounts were raised for the PUF, the public endowment that helps support institutions in The University of Texas System and the Texas A&M University System.
A total of 41,628 acres were leased in the latest sale, bringing the total university lands under lease to 1,553,515 acres. The sale offered a total of 122,459 acres in Andrews, Crane, Loving, Pecos, Reagan, Schleicher, Upton, Ward and Winkler Counties. Bids were received on 119 of the 282 offered tracts.
“The Texas economy is thriving in no small measure due to the strength of the oil and gas industry,” said UT System Regent Brenda Pejovich, who serves on the Board for Lease of University Lands. “That strength continues to benefit higher education and the students we serve.”
The next lease sale is scheduled for March 19, 2014. Information about 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 2013 enrollment of more than 213,000. 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 $14.6 billion (FY 2014) including $3 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.