LEASE MINERAL RIGHTS
|Level of Government:||State & Local|
|Posted Date:||Sep 28, 2017|
|Due Date:||Oct 30, 2017|
NOTICE OF SOLICITATION OF BIDS TO LEASE MINERAL RIGHTS
Notice is hereby given that the City of Heber Springs, Arkansas, will accept sealed bids from qualified oil and gas exploration-production companies or their leasing agents for the leasing of real property for the production, reclamation, and refining of crude biogenic gases insofar and only insofar as to those depths below the stratigraphic equivalent of the Fayetteville Shale in Section 19, Township 10N, Range 9W, Cleburne County, Arkansas. (A more particular description of such lands is available in the Office of the Mayor, City of Heber Springs, 1001 West Main Street, Heber Springs, Arkansas 72543.)
Any bid shall state that the proposed lease will cover gas to be recovered from below the Fayetteville Shale formation, and shall not cover any other mineral or any other subsurface formation and shall include (a) Pugh clause (b) no surface operations clause (c) limited warranty of title clause and (d) notice of assignment of lease to 3rd party clause. Royalties shall be paid on the basis of "gross" receipts for the sale of oil or gas from the leased property without deduction for costs.
The bids shall be accompanied by a proposed Gas Lease, and a bank draft for the amount of bonus payment offered by the bidder, such bonus to be accepted no later than thirty (30) days after receipt of the draft and signed lease at the bidder's collecting bank, subject to approval of the City's title to the minerals proposed to be leased within said 30-day period.
All bids must be submitted to and received by the Office of the Mayor in the Heber Springs City Hall, 1001 West Main Street, Heber Springs, Arkansas, by not later than 4:00 o'clock p.m. on October 30, 2017. Bids shall be opened in such Office at 4:30 p.m. on October 31, 2017, and shall be subject to subsequent approval by the Heber Springs City Council. The City's determination of whether a bidder is or represents a qualified exploration-development company shall be final. The City reserves the right to reject any or all bids.
WITNESS MY HAND as Mayor of the City of Heber Springs, Arkansas, on this 21 day of September, 2017.
Jimmy Clark, Mayor
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