University Lands holding largest lease sale in history
HOUSTON— University Lands, the entity charged with managing 2 million acres of land in West Texas for the benefit of the Permanent University Fund, is offering leases for oil and gas development on nearly 400,000 acres. It is the largest lease sale in University Lands history.
Bidding is now open on EnergyNet.com, the online marketplace hosting the sale, for 396,000 net mineral acres scattered throughout the Permian Basin. Bidding will close at 10 a.m. Sept. 20. Interested parties can register and view technical information about the leases on EnergyNet.com.
“It’s an exciting time for both the Permian and for University Lands,” says Mark Houser, the CEO of University Lands. “The market is stabilizing, and we’re seeing more consistent and diverse resource development in the Permian. We feel that all Texans and the Texas economy as a whole benefit when companies lease University Lands’ acreage, so we hope operators will take a look at the acres we’re offering and consider us as their land partner.”
Revenue from University Lands’ mineral leases goes to the Permanent University Fund, an endowment established in the late 1800s by the Texas Legislature to benefit higher education in the state of Texas. Today, more than 375,000 students across 25 health and education institutions of The University of Texas System and Texas A&M University System benefit from the fund.
About The University of Texas System
Educating students, providing care for patients, conducting groundbreaking basic, applied and clinical 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 14 institutions and an enrollment of more than 228,000 students, the UT System confers more than one-third of the state’s undergraduate degrees, educates approximately two-thirds of the state’s health care professionals annually and accounts for almost 70 percent of all research funds awarded to public institutions in Texas. The UT System’s operating budget for FY 2017 is $17.9 billion, including $3 billion in sponsored programs funded by federal, state, local and private sources. With more than 20,000 faculty – including Nobel laureates and many members of the National Academies – and nearly 80,000 health care professionals, researchers, student advisors and support staff, the UT System is one of the largest employers in the state.