Texas Natural Resources Code 52.076 – Duty to Advertise
(a) The board may:
(1) advertise for bids to lease riverbeds and channels for oil and gas development;
(2) advertise for bids to contract to develop the oil or gas under riverbeds and channels on consideration involving compensation with oil and gas or money so that the state will receive a portion of the oil and gas as it is produced or advanced royalties paid in money;
(3) advertise for bids to purchase oil and gas in place under riverbeds and channels without requiring mineral development; and
(4) pool or bring an action to force pool unleased riverbeds and channels.
(b) The board shall advertise that the board will receive bids and award the right to lease, develop, or purchase under this section in the same manner as provided in Subchapter D, Chapter 32, of this code and Subchapter B of this chapter.
Terms Used In Texas Natural Resources Code 52.076
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC