Newspaper article THE JOURNAL RECORD

Miscellaneous

Newspaper article THE JOURNAL RECORD

Miscellaneous

Article excerpt

(MS68864J)

NOTICE OF OIL AND GAS LEASE SALE

BY SEALED BIDS TO BE OPENED AT 11:00 A.M. WEDNESDAY, NOVEMBER 6, 1996 THE COMMISSIONERS OF THE LAND OFFICE OF THE STATE OF OKLAHOMA INVITE BIDS for Oil and Gas Leases upon the following terms covering the tracts of land hereinafter described. Bids must be written and enclosed in a sealed envelope, bearing the notation on the outside front face of the envelope "Bids for Oil & Gas Lease Sale" and the date of the sale. Bids which are mailed must be enclosed in another envelope and addressed as set out below. Bids must be delivered or mailed to the office of the Secretary to the Commissioners of the Land Office, P.O. Box 26910, Oklahoma City, Oklahoma 73126 or delivered to Suite 200 Paragon Building, 5801 North Broadway, Oklahoma City, Oklahoma 73118 on date of sale. All bids received prior to 11:00 A.M. on date of sale will be publicly opened at that time and leases will thereafter be awarded to the bidder of the highest cash bonus, if acceptable. No bid will be considered that is not delivered by 11:00 A.M. on date of sale. TERMS OF SALE: Leases will be on form prescribed by the Commissioners, and will be for a term of three years as extended and will provide for 3/16ths royalty, and an annual delay rental of $1.00 per acre to be paid in full, before lease is issued, in addition to lease bonus. Bids shall be for a cash bonus for each lease, but no bid of less than $5.00 per acre will be considered. Each bid must be accompanied by a remittance in the amount of 25% of bid as earnest money. Checks will be promptly returned to unsuccessful bidders. Successful bidder will be allowed 30 days from date of acceptance of bid to pay balance of bonus and all delay rentals, unless an extension of time be granted, and shall be liable for the full amount of bid and all delay rentals, provided that failure to comply with any of the terms hereof will be grounds for the cancellation of the award and retention of the deposit of earnest money as liquidated damages for such breach at the election of the Commissioners. The State makes no warranty of title and reserves the right to reject any and all bids. …

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