UW Trustees Approve SAREC Mineral Lease Award
The University of Wyoming Board of Trustees today (Thursday) approved the conditional award of the Oil and Gas Lease for UW's mineral interests at, and near, the James C. Hageman Sustainable Agriculture Research and Extension Center (SAREC) in Goshen County.
Samson Oil and Gas USA, Inc., the lone respondent to a May 2011 request for proposals by UW, was chosen to proceed with exploration and development of the oil and gas deposits at SAREC. The university will issue the lease after review and acceptance of Samson's title information and receipt and deposit of Samson's bonus bid payment.
Already, Samson holds leases on about 18,000 net mineral acres surrounding the university's rights and "is in good position to develop the leases," says Douglas H. Vinzant, UW's vice president for administration.
UW owns 3,297 surface acres at SAREC, including mineral rights under 3,275 acres in varying undivided percentage interests with other parties.