(01865) SOLICITATION FOR BIDS OIL AND GAS LEASE The Board of Regents of the University of Oklahoma, a public body corporate, will receive sealed bids from any interested persons for sale of an oil and gas lease.
Sealed bids will be publicly opened and read in the Purchasing Department, Evans Hall, 660 Parrington Oval, Room 321, Norman, Oklahoma 73019, at 4:00 PM, July 16th, 1987. Bids received after this closing time will not be considered. Envelopes must be sealed with the name and address of the bidder at the upper left corner. The bid number "Oil and Gas Lease # 16987-01" and the closing date must appear on the face of the envelope.
The proposed lease shall pertain to the Regents' interest in and to the oil and gas in and under approximately 40.05 net mineral acres located near Norman, Oklahoma, in Cleveland County, particularly described as follows:
The NW 1/4 of the NW 1/4, S8, T8N, R2W of the Indian Meridian, Cleveland County, Oklahoma, containing 40.05 acres more or less.
The oil and gas lease shall be subject to certain terms, conditions, and limitations of federal, state and local laws and regulations, by various deeds, grants and easements of record and by the policies, rules and regulations of the Board of Regents of the University of Oklahoma. Any lease entered into as a result of the bids will include, but not necessarily be limited to, the following features:
1. A minimum of 3/16 royalty.
2. A delay rental of a minimum of $5.00 per acre.
3. A competitive lease term which in no event shall exceed three years.
4. The right of the University to purchase all oil, gas, and other hydrocarbons at prices equivalent to the highest posted prices in this area together with the right at the University's option to receive the University's royalty in …