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MIDLAND, Texas — University Lands, the entity charged with managing 2 million acres of land in West Texas for the benefit of the Permanent University Fund, completed a lease sale process Wednesday that generated $118 million in total revenue.

Approximately 43,724 acres were leased through the sale process, with some acres going for more than $12,000 per acre. The average per acre lease price was $2,700 per acre.

“We are very pleased with the results of today’s sale, which will move the ball forward significantly to ensure continued development of these assets,” said Mark Houser, CEO of University Lands. “Bringing in this level of revenue to support higher education and health care across Texas is an honor.”

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The Perryman Group estimates that on average almost 7,400 persons are at work on PUF Lands when viewed on a full-time equivalent basis, with a much higher number (often 20,000 or more) spending a portion of their workdays on the PUF Lands...

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University Lands is actively seeking to lease PUF Lands for solar energy developments...

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