Big 2 Energy Report: University Lands Sale Breaks Record
By: Mycah Glover
Updated: October 7, 2010
A couple of week's ago, University Lands had their 118th oil and gas lease sale. Making over $207 million, the sale broke all previous records.
"The price of oil has been stable for about 18 months. World oil demand is certainly stable and certainly, the incident in the Gulf probably helped us, " says Jim Benson, University Lands Director.
Another thing that helped was a Wolfcamp Shale play in certain parts of the Permian Basin that's been sparking oil producers interest. Benson says the vast majority of the land sold in Regean County, and part of Upton and Irion Counties.
And for University Lands, this sale brought the total amount of profits they've made of the years to over $5 billion.
The next question is, where will all that money go? Tune in to Big 2 News next Thursday at 10pm, and we'll tell you exactly where the money goes and how it'll be used.
