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TPSB signs lease - 7/16/14

Posted by admin on July 16, 2014

The Tangipahoa Parish School Board according to a link below just signed a nice oil lease...

"the Board voted unanimously to award HK TMS, LLC of Houston an oil lease on the district’s 643-plus acres of 16th Section property in the northeast corner of the parish.

The land, commonly referred to as the “Lewiston tract” will be leased at a rate of $1,066,312.60 minimum bid, plus annual rental of $828.50 per acre or $1,657 per acre bonus rate.

If the land strikes oil, the district will be eligible for a 25 percent royalty on the oil produced.

The lease is scheduled to last just three years, and the documents must first be presented to the state Mineral Rights Board for approval before the district can proceed with the contract."




What do you think about it?