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Three Rivers ISD board approves oil-and-gas lease offer for Farm Tract No. 72
Summary
The Three Rivers ISD Board of Trustees voted to approve an oil-and-gas lease offer from Tilden Capital Operating II, LP for Farm Tract No. 72 in the Nueces River Valley Farms Subdivision, agreeing to $1,000 per net mineral acre and a 25% royalty pending attorney approval.
The Three Rivers ISD Board of Trustees voted Dec. 16 to approve an oil-and-gas lease offer from Tilden Capital Operating II, LP for Farm Tract No. 72, Block 1 of the Charles F. Simmons Nueces River Valley Farms Subdivision. Trustee Darrell Pullin moved the motion and Trustee Thomas Salazar seconded; the motion was recorded as passed by a 6-0 vote with one member absent.
The lease terms recorded in the meeting minutes specify a $1,000.00 per net mineral acre bonus, a 25% royalty, a three-year primary term and a two-year extension at the same bonus rate. The board approved the lease "pending attorney approval," and the board’s recorded motion in the minutes states: "Move to approve the oil and gas lease offer pending attorney approval from Tilden Capital Operating II, LP of Farm Tract No. 72, Block 1 of the Charles F. Simmons Nueces River Valley Farms Subdivision for $1,000.00 per net mineral acre - 25% royalty - 3-year primary term with a 2-year extension at the same bonus rate."
