The city of El Reno recently raked in $4.8 million over the competitive bidding for the three-year lease rights to minerals on the City’s Airpark.
Haggard Land Company based in Oklahoma City cast the winning bid offering $15,000 per acre and a 20 percent royalty on any oil or natural gas it pulls from beneath the surface of the 320 acres around the city airport, according to the El Reno Tribune.
Earlier in the past few weeks, a Texas Firm paid $800,000 with a 20 percent royalty for the minerals in the area around Lake El Reno. Both mineral rights sites are in Canadian County, one of the three counties that make up the STACK.
The Tribune reported Haggard battled year-old Armor Energy of Tulsa for the rights to the minerals at the Airpark., The bidding opened at $4,000 an acre and continued for 45 minutes at a recent meeting of El Reno’s City Council.
Since El Reno purchased the airpark from the Federal Aviation Administration several years ago, the proceeds have to be used for improvements at the airport or aviation-related purposes.
Mayor Matt White, who gave the third vote to approve the final bid said he wants the money to be used to pay off the airpark debt which totals about $600,000.