Res 132-84 7/17/1984v
RESOLUTION NO. 132-84
RESOLUTION ACCEPTING BID OF L & H OIL COMPANY
AND APPROVING OIL AND GAS LEASE ON 376 .78 ACRES, MORE
OR LESS, IN S .P .R.R. CO. SURVEY NO. 1, A-440, ARCHER
COUNTY, TEXAS, NEAR LAKE KICKAPOO.
WHEREAS, the City Council of the City of Wichita Falls has
determined, by Resolution No. 86-84 , that it is advisable to lease
for oil and gas the land hereinafter described, and has published
notice of its intention to lease such land in accordance with
Sections 71.004 and 71. 005 of the Texas Natural Resources Code, to-wit:
BEGINNING at the Northeast corner of
the S .P .R.R. Survey No. 1, A-440, Archer
County, Texas;
THENCE West along the Northern boundary
line of said survey, a distance of 1, 000
feet;
THENCE South parallel to the Eastern
boundary line of said survey, a distance
of 1, 650 feet;
THENCE South 55 degrees West, a distance
of 2, 850 feet;
THENCE North 67 degrees West, a distance
of 1,300 feet;
THENCE West parallel to the Southern boundary
line of said survey, a distance of 749 feet
to a point in the Western boundary line of
said survey;
THENCE South along the Western boundary
line of said survey, a distance of 2 , 503
feet to the Southwest corner of said survey;
THENCE East along the Southern boundary line
of said survey, a distance of 5 , 280 feet to
the Southeast corner of said survey;
THENCE North along the Eastern boundary line
of said survey, a distance of 5, 280 feet to
the PLACE OF BEGINNING, containing 376 .78
acres, more or less .
r
WHEREAS, at its meeting on July 17, 1984 , the date specified
in such notice, the City Council has received, opened, and con-
sidered, at a public hearing, the bids received, in accordance
with Section 71 . 006 of such code; and,
WHEREAS , the City Council believes that the bid of L & H
Oil Company with a cash price per acre of $ 42 .00
a royalty of 3/16 , an annual delay rental of $ 1. 00 per
acre, and a primary term of 2 years, represents the fair value
of the lease on such property, and it is the highest and best bid on
such property.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
Such bid of L & H Oil Company is hereby accepted,
the lease is awarded to such bidder, and the City Manager is
authorized to execute, on the City' s regular form, an oil and gas
lease on such property to such best bidder.
PASSED AND APPROVED this the 17th day of July
1984 .
A Y O R
ATTEST:
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Cit Clerk