OCR Text |
Show College Fund Up From Oil, Gas The University of Texas endowment fund has been boosted $4,760,000 by a new sale of leases on Us oil and gas lands. Bonuses at the latest sale covered 33,478 acres. The leases also call for $1 an acre annual rental, one-eighth royalty, on production and in several blocks a requirement for early drilling was added. Stanollnd Oil & Gas Co. paid $1.7 million for drilling rights on 2,574 acres In Andrews County. A well must be started to 12,500 feet within 180 days. The tract ivnorth of the Means East (Strawn) field, also in Andrews county. Texas Co. put up a $250,000 bonus for a 2,562-acre drilling block In Ward County. The location is two miles south of a gas discovery well owned by Magnolia Petroleum and about two miles north of a Lion Oil field. Texaco must start drilling a 5,300-foot test within six months. |