Latest posts tagged on "PUF"
Lease Sale 132 Notice
Board for Lease of University Lands announces oil and gas lease sale no. 132 via EnergyNet.com. Bidding opens Wednesday, October 11, and closes at 10:00 am, on Wednesday, October 18. Interested Parties must be registered with EnergyNet.com in order to place bids. Leases are awarded upon approval of a high bid by the Board for Lease of University Lands.
University Lands is pleased to announce we are accepting nominations for a possible Lease Sale (Date pending The Board for Lease of University Lands’ approval). We have a new application and process for nominating tracts; please follow the attached instructions. A link to the site is listed in the attachment. Nominations must be received no later than Midnight, Thursday, June 15, 2023. All nominations are kept confidential. For additional information email LeaseSale@utsystem.edu.
Industry leaders from the Permian Basin convened in Midland, TX to learn the latest news and trends around energy development operations on PUF Lands at University Lands' 6th annual forum. This event provided an opportunity to engage with University Lands and its energy operators. We discussed topics key to successful operations on our lands and talked with executives to share their strategies around production development concepts and emissions reduction efforts.
University Lands has restored the site of the first well to produce crude oil on its lands. The site of the Santa Rita #1 well, about an hour outside of Midland, TX, in Reagan county, received a complete makeover while preserving as much of the site’s original fabric as possible.
University Lands has published its first ever annual report for fiscal year 2019 which was an unprecedented year for the organization.
University Lands presented one of its recent Permian Basin case studies at the 2019 Unconventional Resources Technology Conference (URTeC) held in Denver, CO this past week. Led by Senior Engineering Advisor Hongjie Xiong, the team illustrated the case for maximizing reservoir development with optimal full field development plans (FDPs). Utilizing optimal well spacing and corresponding well completion design, the study shows that there is a sweet spot that will allow operators to realize significant increased value in recovered resources.
University Lands’ Senior Engineering Advisor Hongjie Xiong on Thursday presented an SPE case study on well completion optimization at Marathon Oil’s Reservoir Engineering Forum. UL’s engineering team recently completed the seven- well case study using the latest complex fracture modeling and reservoir simulation technologies. The application of these technologies could potentially help operators save significant time and money on well completion and space piloting projects, thus speeding up field development decisions.
UL has launched a new cost-sharing initiative to encourage oil and gas operators to implement measurable emission reduction programs on its lands.
University Lands held its 129th mineral lease sale online with EnergyNet.com on September 19, 2018, which resulted in ~25,000 acres of Permanent University Fund (PUF) land being leased for a total of $24,000,000 in lease bonus revenue.
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.”