Tex. Educ. Code Section 109.158
Acceptance and Filing of Bids; Termination of Lease

(a)

If the board determines that a satisfactory bid has been received for the oil, gas, sulphur, or other mineral lands, it shall accept the bid and reject all others and shall file the accepted bid in the general land office.

(b)

If before the expiration of five years oil, gas, sulphur, or other minerals have not been produced in paying quantities, the lease shall terminate unless extended as provided in Sections 109.160 (Exploratory Term of Lease; Extension; Other Provisions) and 109.161 (Extension of Leases).
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1173 (S.B. 907), Sec. 9, eff. June 19, 2015.

Source: Section 109.158 — Acceptance and Filing of Bids; Termination of Lease, https://statutes.­capitol.­texas.­gov/Docs/ED/htm/ED.­109.­htm#109.­158 (accessed May 25, 2024).

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Accessed:
May 25, 2024

§ 109.158’s source at texas​.gov