Sec. 109.158. ACCEPTANCE AND FILING OF BIDS; TERMINATION OF LEASE. (a) If the board determines that a satisfactory bid has been received for the oil, gas, sulphur, or other mineral lands, it shall accept the bid and reject all others and shall file the accepted bid in the general land office.
(b) If before the expiration of five years oil, gas, sulphur, or other minerals have not been produced in paying quantities, the lease shall terminate unless extended as provided in Sections 109.160 and 109.161.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1173 (S.B. 907), Sec. 9, eff. June 19, 2015.
Structure Texas Statutes
Subtitle F - Other Colleges and Universities
Chapter 109 - Texas Tech University System
Subchapter D. Mineral Development in University Land
Section 109.151. Mineral Leases; Disposition of Proceeds
Section 109.152. Majority of Board to Act
Section 109.153. Subdivision of Land; Titles
Section 109.154. Sale of Leases; Advertisements; Payments
Section 109.155. Separate Bids; Minimum Royalty; Delay Rental
Section 109.156. Rejection of Bids; Withdrawal of Land
Section 109.157. Acceptance; Conditions and Provisions of Lease
Section 109.158. Acceptance and Filing of Bids; Termination of Lease
Section 109.159. Award and Filing of Lease
Section 109.160. Exploratory Term of Lease; Extension; Other Provisions
Section 109.161. Extension of Leases
Section 109.162. Control of Drilling and Production
Section 109.164. Title to Rights Purchased; Assignment; Relinquishment
Section 109.165. Payment of Royalties; Records; Report of Receipts
Section 109.166. Protection From Drainage; Forfeiture of Rights
Section 109.167. Forfeiture and Other Remedies; Liens
Section 109.168. Filing of Documents and Payment of Royalties, Fees, and Rentals