O-1956-503 - Laserfiche WebLink

Browse Search

'e e . described tract or parcel of land belonging to said City: (Here describe the land) "Bidding for such lease will be at a public auction to be held at !ilQ o'clock L.m. on Friday . the 17th day of AUQust 1956~ at the City Hall in the City of La Porte~ Harris County, Texas, at which time and place the City Commission of the 'City of La Porte will receive and consid,er all bid.s submitted. for the . leasing 01' said, land. The Commission reserves the right to reject any and. all bids submitted which are not deemed by it to be representative 01' the fair value 01' such lease. "The terms on which any such lease will be sold are as tollows: "(1) Such lease shall contain a provision authorizing the lessee to pool or unit- ize the rights covered by such lease in oil or gas on, in, or under the above-described land With any other land.s, leases, mineral estates, or parts thereof, to form a drill- ing or spacing unit or units for the explora- tion, development~ and production of oil or gas, provided the drilling or spacing units shall not exceed, the minimum number 01' acres upon which an oil or gas well may be located in order to comply with the rules, regula- tions, or orders of the Railroad. Commission of Texas or any other regulatory body, state or federal, having authority to control or regulate the spacing of such oil or gas wells. "(2) The royalty reserved to the City of La Porte shall not be less than one-eighth; provided~ however, that on production from a pooled unit only such proportion 01' the royalty pro- vided tor in such lease shall be due as the amount of lessor's acreage in the unit or its royalty interest therein on an acreage basis bears to the total acreage contained in the unit. . I -5-