Loading...
Res 009-87 1/6/1987V RESOLUTION NO. C(-$`7 RESOLUTION ACCEPTING BID OF PANGAEA PROPERTIES, INC. FOR OIL AND GAS LEASE ON 59 . 6 ACRES OF LAND IN ARCHER COUNTY, TEXAS, NEAR LAKE KICKAPOO. WHEREAS, the City of Wichita Falls has advertised for bids for an oil and gas lease on the following described land in Archer County, Texas; only one bid was received, that being the bid of Pangaea Properties, Inc. , who bid $26 . 00 per acre bonus, with 3/16 royalty, and a primary term of two years; and, WHEREAS, it is found that such bid is a fair and reasonable bid, and should be accepted. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WICHITA FALLS, TEXAS, THAT: Such bid of Pangaea Properties , Inc. is hereby accepted, and the City Manager is authorized to execute an oil and gas lease on the City' s standard form covering the 59 . 6 acres described in Exhibit A, attached hereto. No actual drilling may occur on the property unless the location of each well is approved in advance by the City, and the methods used in drilling and producing such well meet all the specifications to be required by City in protecting the Boys Club camp and the Little Wichita River. There shall be no seismic operation nor drilling opera- tions within 600 feet of the centerline of Lake Kickapoo Dam, and there shall be no seismic operation within mac© feet of any structure on the property. Lessee shall pay $50 for each shot hole in cultivated land, and $25 for each shot hole in pasture land. Prior to commencement of drilling a well, Lessee shall pay to City the applicable surface damages and drilling water fee. After completion of a well, and after plugging and abandonment of a well, Lessee shall restore the surface as near as practicable to the condition that existed before the drilling. PASSED AND APPROVED this the 6th day of January, 19:7 . d- MAYOR ATTEST: g47-..„6,4,167 City Clerk