Permanent School Fund oil & gas lease sales bring in record $133 million during 2011
Texas Insider Report: AUSTIN Texas Weve earned $133.5 million now and will earn even more when wells are drilled and production begins" said Texas Land Commissioner Jerry Patterson. Anything that restricts the exploration & production of oil & gas from the Permian Basin or anywhere across Texas could cost Texas public education hundreds of millions of dollars" Patterson said.
Commonly know as the
Childrens Textbook Fund" the Permanent School Fund (PSF) was created by the Texas Legislature in 1854 and is an educational endowment that benefits the schools by helping to pay for basic education costs including the purchase of textbooks and other instructional materials.
The Permian Basin is the top producing area in the country right now" Patterson said.
As a result oil & gas exploration from West Texas Permanent School Fund lands is earning the school kids of Texas more than ever in 2011.
West Texas oil & gas is booming and school kids across the state will see the benefits" Patterson said.
Patterson said efforts by the federal government to list the sand dune lizard as an endangered species could threaten to dry up this revenue stream for public education in Texas.
Private oil and gas companies recently paid $9.3 million just for the right to explore on land owned by the states Permanent School Fund which helps pay for the states share of K-12 education.
The companies competitively bid for the right to look for oil and gas on 6971 acres. Todays quarterly lease sale results bring the years record total to
$133.5 million.
In the quarterly lease sales held by the General Land Office oil & gas firms submit sealed bids for the right to drill for hydrocarbons on Permanent School Fund lands.
The Permanent School Fund (PSF) will also earn 20-to-25 royalties on any oil or gas produced on the leases.
For a detailed look at todays record Permanent School Fund Oil & Gas Lease Sale visit the
Texas General Land Offices website by clicking here.
