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In July 1990, University Lands initiated a program to accept oil royalty in actual production instead of the traditional cash royalty payment. The University secures entitlement and markets the University's oil royalty production. Oil royalty production is offered to crude oil purchasers and marketers in bid sales. The current pricing method is based on EDQ Koch Oil Company Monthly Posting for West Texas/New Mexico Intermediate with API gravity deemed at 40 degrees, plus Platt's P-Plus plus/minus the Cushing/Midland trade differential, if applicable, plus/minus a specified dollar amount for gathering, handling and transportation per barrel. See the Oil Bid Package for details.
Oil Sales Master Agreement [ PDF | Word 97 ]
University Lands solicits offers to purchase the oil royalty production it receives in kind and to sell the oil royalty production on the terms and conditions set out in an Oil Sales Master Agreement (Master Agreement) The Master Agreement is executed by and between the Board For Lease Of University Lands and a prospective Buyer (bidder) for a primary term of five (5) years, and year-to-year thereafter, unless terminated by either party as provided within the (Master Agreement). To meet bidder qualifications, an original of the Master Agreement executed by the bidder must be on file in the offices of University Lands Accounting as of the Bid Deadline.
TopWinning Bids of Oil Sales
Adobe® Reader® is required to view the following lease sale results in PDF file format.
| Sale #20 March 23, 2005 | Sale #19 October 24, 2003 |
| Sale #18 April 1, 2001 | Sale #17 October 31, 2000 |
| Sale #16 April 27, 2000 | Sale #15 November 2, 1999 |
| Sale #14 April 15, 1999 | Sale #13 October 15, 1998 |
| Sale #12 April 30, 1998 | Sale #11 October 1, 1997 |
| Sale#10 April 16, 1997 |
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