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.”

Over the next few years, more than 300 wells will be drilled on the acreage leased in Wednesday’s sale. And while most of the leased acreage is adjacent to existing development, there are some leases that were more exploratory in nature, Houser said.

When the bidding closed Wednesday, University Lands received the results instantaneously through the online sales platform, EnergyNet, which hosted the sale.

Revenue from University Lands’ mineral leases goes to the Permanent University Fund, an endowment established in the late 1800s by the Texas Legislature to benefit higher education in the state of Texas. Today, more than 375,000 students across 25 institutions in The University of Texas System and Texas A&M University System benefit from the fund.

See the full press release here:  https://www.utsystem.edu/news/2017/09/21/university-lands-lease-sale-raises-118-million-texas-higher-education