KA Highland Realty of Texas, Inc.
Approximately 23 miles northeast of Ft. Stockton, Texas. The railroad tracts of the old Santa Fe Railroad, which is now owned by the state of Texas and leased to the Texas Pacifico Railroad, traverse the northwestern corner of the property. Although various maps illustrate the existence of a public roadway identified as "Gulf Plant Road" paralleling the northwest side of the railroad tracks, this roadway does not physically exist. As a result, no guaranteed legal roadway access to the property is believed to exist.
Approximately 634 acres, more or less
The topography of the land is gently to moderately sloping composed of shallow to moderately deep silty clay loam soils possessing native rangeland vegetation composed of annual and perennial grasses, forbs and shrubs.
The property possesses the Mineral Classified designation by the state of Texas. As a result of the mineral classification designation, Agency Rights to the mineral estate are a component of the property rights that vest with the owner of the surface estate. The Mineral Classified designation indicates that the mineral estate is owned by the state of Texas and by virtue of the Redemption Act, the owner of the surface estate is the designated Agent for the state regarding the leasing of the mineral estate. In exchange for the obligation to represent the state of Texas, the agent is entitled to 50 percent of all income generated by the mineral estate. The sources of income include leasing bonus payments, delay rental payments and royalty payments in the event that the mineral production is obtained. In the event mineral production is obtained, the owner of the surface estate is entitled to 1/2 of the royalty payments owed the state of Texas under the terms of the lease. The Agency Rights run with the land and are not severable except by action of the Commissioner of the General Land Office with approval of the governor.
Additionally, it is noted that the mineral rights are not leased to third-parties and are available for leasing. Although the property does not possess a producing oil or natural gas well, an oil well identified as the Steves No. 1 was drilled to a depth of 1,707 feet below surface elevations near the geographic center of the property in February of 1948. Due to the fact that the mineral rights are not encumber by an Oil and Gas Lease, the Agency Rights to the mineral estate will transfer with the sale of the property.
The property is absent of building and site related improvements.
$450.00 per acre, or $285,300.00
Information contained herein was provided by persons knowledgeable of the property and is deemed to be correct and accurate; however, no warranties are expressed or implied by the Broker. This offering is subject to prior sale, price change, change in terms and conditions and/or removal from the market without notice.