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Notice of Oil and Gas Lease
By Sealed Bids to be
Received by 4:00 P.M. (MDT)
Friday, November 19, 2004
Red Crown Royalties, LLC
invites bids for Oil and Gas Leases upon the following terms covering the tracts
of lands hereafter described:
Bids must be written on the Bid Form and received in a sealed envelope bearing the notation BID FOR OIL & GAS LEASE(S) and the date of the sale. Mailed envelopes should have a separate bid envelope inside; however, multiple tract bids may be in one envelope.
Bids
must be mailed to Red Crown Royalties, LLC at
NOTE: Bids
that are delivered by Federal Express or by other methods must be delivered so
that they are received before the 4:00 P.M. (MDT) deadline on the date of the
sale at
TERMS OF
· Cash Bonus determined by Sealed Bid.
· 3 Year Primary Term continuing after production pursuant to lease terms.
· 3/16 Exclusive Royalty reserved to Lessor.
· Delay Rentals of $1.00 per gross acre/year due in full before lease is issued.
· Effective date of Oil and Gas Leases for this sale will be August 1, 2004.
· Awarded leases issued on Lease Form enclosed herewith.
· No bid of less than $5.00 per acre cash bonus will be considered.
· Successful bidders will be notified within ten (10) days by Notice of Lease Offer.
· Successful bidder who receives Notice of Lease Offer must remit full bonus consideration together with applicable delay rental within fourteen (14) days of Notice of Lease Offer, by Cashier or Certified Check.
· Leases will be mailed to Lessee within thirty (30) days of payment.
· Red Crown Royalties, LLC makes no warranty of title and reserves the right to reject any and all bids or require a surety performance.
Delay rentals are charges on gross acres versus net acres in order to fairly and impartially defray the costs of lease sales. Red Crown is committed to minimizing the cost of each of our lease sales to industry participants and therefore does not require nominating or bidding deposits. Additionally, we do not require direct charges for advertising or administrative costs of these sales.