Oil & Gas Mineral Rights under Lease near Ecleto, Karnes County, Texas!

Winning Bid: $38,375.00

Item condition: New

Category:

Description

Item Id: Coleman-Tidewater01
Case Name: Coleman, George B & Tidewater Minerals Corp
Case Number: 12 20423 & 13 20317
Trustee:
Starting Minimum Bid: $21,000

Description: Oil & Gas mineral rights near Ecleto, Texas in Karnes County. Under a settlement, a portion of certain mineral rights / interest were deeded to the Trustee. The mineral rights / interest are currently in the name of the Estate and Trustee. The mineral rights / interest are leased. This lease is held by GulfTex Energy of San Antonio, Texas and provides a 24% royalty.

This auction is for the interests in the name of the Estate only, not for other law firms or parties on the lease and/or deed.

The lease operator is GulfTex Energy.

The Bankruptcy Estate’s interest equates to the following:
Tract #1 and Tract #2, 4.0849725 net mineral acres:
Tract # 1 3.1051725 NMA (of 180.01 gross acre)
Tract # 2 .4798 NMA (of 28.4 gross acre)

The Trustee has received an offer from the Oil/Gas Firm to buy the Estate’s interests. This auction is conducted to exceed that offer.

The lease generated a bonus payment of $3,676.48 in September 2017. These funds are held by the Estate / Trustee and are retained and not included. We are not aware of any other payments made by GulfTex Energy.

Lease Info See Link Below-
201800000197 Lease Gulftex recorded

Payout History: The lease generated a bonus payment of $3,676.48 in September 2017 and provides a 24% royalty.

Deed: See Link below-
201500143867 Deed to Schmidt, recorded

Notes: A document preparation fee of $275 will apply. This is all we know about this item. Any fees/liens owing on this item are not part of the final bid price. A bid submitted by a buyer is an agreement to our Terms. Buyers should not bid unless they fully intend to complete the sale in accordance with our Terms.

Bidders should familiarize themselves with BKAssets.com policy regarding ‘Proxy Bidding’ (see ‘Bidding Guide’ on BKAssets.com Home Screen). BKAssets is not responsible for connectivity issues, or Internet transmission times, when submitting an auction bid near the close of auction. The auction process does not extend past the set close time of the auction and bidders are solely responsible for the timing and receipt of their bids if they elect not to utilize Proxy bidding.

Legal Info: By Order of the United States Bankruptcy Court, BKAssets.com sells this and any other property “AS IS, WHERE IS”, with no warranties implied or stated. This means that the Seller and the trustee are not responsible for problems (if any) with the title, the condition of the property or rights, or any liens or encumbrances against the unit. The buyer will be entirely responsible for this property after the sale including but not limited to: paying any fees/costs associated with this property, paying all fees/liens (if any), recording/transferring the title and gathering any paperwork/documentation necessary for that process. Seller and trustee are NOT appraisers. BKAssets and the trustee shall be under no obligation to buyer except to provide buyer with an assignment or deed as required by Karnes County. All the information as to the item description has been provided by the court. BKAssets cannot guarantee that all the information is accurate. BKAssets recommends all bidders perform their own due diligence prior to bidding. As with any bankruptcy sale, this sale may be subject to court approval.

Payment Info: $U.S. Money order, certified check, cashier’s check. BKAssets may also accept “Bill Pay” from Wells Fargo, Bank of America, Chase, Citibank, a local regional bank or Credit Union. If you would like to use “Bill Pay,” but do not bank at one of these establishments, please call BKAssets prior to sending payment.

A document preparation fee of $275 (payable to seller) will apply. Full payment must be received within (7) days of winning bid. Any bidder who does not complete the sale within 7 days from the close of auction will be considered in default. Seller has the right to proceed with the next highest bidder.

Shipping Info: Shipping is included to all buyers in the United States. International bidders are welcome, please contact BKAssets for shipping costs to countries other than the United States prior to bidding. Shipping costs to locations outside of the US will be calculated at the close of auction. Please be advised that because this is a US Bankruptcy Court Ordered sale, and subject to approval, shipping can take an average of 3-6 weeks.

Liens: We are not aware of any liens.

*Picture is not representative of actual property.*

Bidding Guide: Please review the bkassets.com bidding guide for terms of auction prior to placing a bid or making an offer..

Auction History

Auction has finished

Highest bidder was: cctxbuyer

Date Bid User Auto
June 21, 2018 4:14 pm$38,375.00cctxbuyer
June 21, 2018 4:14 pm$38,100.00zone10 Auto
June 21, 2018 4:14 pm$26,111.00zone10 Auto
June 21, 2018 4:14 pm$25,836.00txdirtman
June 21, 2018 4:14 pm$25,561.00zone10 Auto
June 21, 2018 4:14 pm$25,286.00txdirtman
June 21, 2018 4:14 pm$24,975.00zone10 Auto
June 21, 2018 4:14 pm$24,700.00jjcapital
June 21, 2018 4:13 pm$24,425.00zone10 Auto
June 21, 2018 4:13 pm$24,150.00jjcapital
June 21, 2018 4:13 pm$23,875.00zone10 Auto
June 21, 2018 4:13 pm$23,600.00jjcapital
June 21, 2018 4:13 pm$23,325.00zone10 Auto
June 21, 2018 4:13 pm$23,050.00jjcapital
June 21, 2018 4:12 pm$22,775.00zone10
June 21, 2018 4:12 pm$22,500.00jjcapital Auto
June 21, 2018 4:03 pm$21,000.00jjcapital
May 22, 2018 4:12 pmAuction started