Land Sale Closed

tpltblogger3 Comments

Form 8-K

On January 7, 2019, Texas Pacific Land Trust (the “Trust”) consummated the previously announced sale of approximately 14,000 surface acres of land in Loving and Reeves Counties, Texas to WPX Energy Permian, LLC for an aggregate price of $100,000,000 (the “Sale”). The Sale excludes any mineral or royalty interest in the lands to be conveyed and the Trust reserved certain usage, disposal and water rights in approximately 1,280 acres of the lands conveyed.
The Trust intends to use the proceeds from the Sale to acquire like kind properties.
The sale announced on 11/29 has close.  I’m fond of the condition that allows TPL to do it’s water thang on 1,280 of the 14k acres sold.

3 thoughts on “Land Sale Closed”

  1. It will be very interesting to see what WPX Energy Permian does with the land. 100M is a small price to pay compared to the ultimate revenue they will generate. Which of course TPL will collect royalty.

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  2. maybe I misread. this means no royalty on the land? just some water rights? WPX Energy doesn’t drill for oil? “The Sale excludes any mineral or royalty interest in the lands to be conveyed and the Trust reserved certain usage, disposal and water rights in approximately 1,280 acres of the lands conveyed.” If so, the error is mine.

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