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The State Land Board generally offers leases by competitive auction on a quarterly basis. Auctions are conducted via an online auction through EnergyNet. Leases are awarded to the highest bidder on a per acre basis. The minimum bid amount per acre is the annual lease rental rate. Bids made above the annual rental rate are referred to as the Lease Bonus and are collected as a one-time payment. The State Land Board Oil & Gas lease contains a five year primary term. For more information on Oil & Gas lease auctions see the Oil & Gas Lease Auction Information and Results below. For questions regarding nominations or the auction process, please contact Catie Stitt, Oil & Gas Specialist, at 303-866-3454 ext. 3326.
Click here to view an interactive map of Oil & Gas Auction Tracts
Surrender requests should be emailed to the Oil & Gas Leasing Manager, Christel Koranda, (email@example.com) prior to the next anniversary date of the lease. All surrender requests made after the anniversary date can be subject to a pro-rated rent for the amount owed up until the date of surrender. For partial surrenders only contiguous tracts totaling a minimum of 40 acres in a lease can be surrendered (unless the original lease was for less than 40 acres).
Lessees that stop paying rent without providing a proper written surrender request can be charged pro-rated rent. Pro-rated rental charges are calculated based on a timeframe that includes the State Land Board’s determination of non-payment of rent, notification period to the lessee for the unpaid rent, and time to cure the default under the terms of the lease.