University Of Texas May Sell Reserves For $1B
The University of Texas System Board (UT) plans to sell some of its oil and gas reserves beneath its West Texas lands for about $1 billion. UT seeks to be paid up front by an investment bank or oil company in return for agreeing to provide oil and gas from its 2.1 million acres during the next 10 years or so.
Such a transaction is attractive now because oil prices are high and interest rates are low.
(See also “Urban Drilling” in the OGI August issue, which chronicles gas drilling on the UT-Arlington campus.)
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