Specifications include, but are not limited to: Lease bonus may not be less than $1,500 per acre. Royalty may not be less than one-fourth (1/4) of all oil and gas produced from said land. No surface use of the leased premises will be permitted. A shut-in payment of not less than Five Thousand and no/100 dollars ($5,000.00) per well.A Development Plat or other drawing showing a drilling plan and drill sites and proposed pooled units that are not located on the leased premises must be submitted with this bid. Drill sites shall be located no closer than 1200 feet from the boundary line of the school property. The plat should also show the location of access roads to the drill site, pipelines, electric lines and all surface facilities and equipment, none of which may be located on the leased premises unless otherwise specified. The District reserves the right to award this bid based on both price and the most advantageous location of the drilling locations and sites for pooling purposes.
