Sec. 6. PAYMENTS ACCOMPANYING BIDS; REQUISITES OF BIDS. Every bid shall be accompanied by a payment equal to the minimum price fixed on the land per acre for the delay in drilling if the bid is accepted. The bid shall further indicate the royalty the bidder is willing to pay, which royalty shall not be less than one-eighth (1/8th) of the gross production. The bid shall further name such amount as the bidder may be willing to pay in addition to the royalty and in the annual payment herein provided for, and shall be accompanied by cash or checks collectable in Austin to cover said amounts.
Structure Texas Statutes
Article 6077o. Leasing for Oil and Gas
Section 1. Board for Lease of State Park Lands Created
Section 3. Survey and Subdivision; Abstracts of Title
Section 4. Advertisement for Bids
Section 6. Payments Accompanying Bids; Requisites of Bids
Section 8. Filing Bids; Discontinuance of Yearly Payments; Termination of Lease
Section 9. Rentals Not Payable During Drilling Operations; Discovery of Oil or Gas
Section 10. Duration of Rights; Assignment; Pipe Lines, Telephone Lines and Roads
Section 11. Payment of Royalty and Bonus; Sworn Statement; Inspection of Books and Accounts
Section 11a. Disposition of Money Received
Section 12. Protection From Drainage
Section 13. Forfeiture of Lease; Damages; Specific Performance; Lien of State
Section 14. Filing Papers; Payments; Appropriation and Expenditure
Section 14a. Park Lands Operated by Local Park Commissions
Section 15. Payment of Expenses