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A&M Cashes In
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Despite the recent drop in oil prices, drilling rights for Texas land can still mean big bucks for universities there. Texas A&M University cashed in on some of its valuable real estate last month, approving bids for two oil, gas and sulphur leases on more than 1000 acres of its property.
The drilling rights auction brought in more than $1.28 million in immediate cash payments and could bring a good bit more in future royalty payments, said the chairman of A&M's Board of Regents, H.R. "Bum" Bright.
In addition to the $1.28 million, Texas A&M will receive 30 percent of the first $1.07 million in revenues from the first well, and 75 percent of all revenues thereafter. --Texas A&M Battalion
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