Sec. 7. LEASE OR SALE. If any one of the bidders shall have offered a reasonable and proper price therefor, and less than the price fixed by the Board, the lands advertised, or any whole survey or subdivision thereof, may be leased for oil and/or gas purposes under the terms of this Act, and such regulations as the Board may prescribe, not inconsistent with the provisions of this Act. If after any bidding by sealed bids the Board should reject all bids, as it is hereby authorized to do, it may thereafter offer for sale and sell the oil and/or gas in said lands, in separate whole surveys only or subdivisions thereof, by open public auction at a price less than the price offered by the sealed bids. All bids may be rejected. In the event of no sale at public auction, any subsequent procedure for the sale of said oil and gas leases shall be in the manner above provided.
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