Big 2 Energy Report: University Lands Sale Exceeds $40 Million
By: Mycah Glover
Updated: July 26, 2010
When the Texas Constitution called for the creation of the University of Texas in 1876, they also established the Permanent University Fund, which appropriated a million acres of land for the university . Over a century later, more than $4 billion has been deposited into that fund, a lot of which came from oil production. University Lands manages that fund. And twice a year, they give producers the opportunity to nominate the land they'd like to invest in for production. Mycah Glover attended their first sale of 2010 on Wednesday, which ended up ranking among the top five sales in it's history.
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Click on video for the full report.
