AMARILLO, Texas, Aug. 7, 2015 /PRNewswire/ -- For the first time in Texas history, oil and gas leases were sold online through EnergyNet.com, Inc. and became the largest state lease sale held on EnergyNet, earning Texas public schools over $20 million. The leases sold for about seven times more per acre than the last traditional sealed bid lease sale.
The Texas General Land Office retained EnergyNet to market 119 tracts consisting of over 28,500 net acres, through a sealed bid process. These tracts were located in twenty-six counties. The sealed bid sale closed on Tuesday, August 4th, 2015.
After the sale, George P. Bush, The Texas Land Commissioner, said "The 21st Century economy is online. We sell on eBay, buy from Amazon and catch a ride through Uber. Putting these energy lease sales online just makes sense. Texans demand a more efficient, effective government and we are delivering it at the General Land Office."
"We are proud to serve the Texas General Land Office by making their leases available through our online market platform. This was the biggest online state lease sale yet -- but then again, this is Texas, so it should be," says Bill Britain, President/CEO of EnergyNet.com, Inc.
One of the primary responsibilities of the Texas General Land Office is to lease the vast land and mineral holdings for energy and mineral development, with the proceeds going to the Permanent School Fund to help pay for public education.
For additional information, please visit http://www.energynet.com or contact John Munroe, EnergyNet's Vice President of Engineering / Government Lease Sales at (832) 403-3122 or John.Munroe@energynet.com
EnergyNet specializes in Auction, Sealed Bid and Negotiated Sales as well as, Government Lease Sales and is the only continuous oil and gas property marketplace that operates 24/7/365, offering constant liquidity. Selling properties in their lowest definable strategic unit (single well, lease or field) maximizes value by attracting more bidders, thus increasing competition. EnergyNet's real-time marketplace provides exemplary service to sellers and buyers. EnergyNet's 24/7/365 sales provide accurate value assessment in a liquid market by tracking transaction metrics on a consistent and frequent basis, with property sales in every onshore U.S. Basin. Call 877.351.4488 or visit our website: www.energynet.com.