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APPROVAL OF AUTHORIZATION TO LEASE LAND FOR OIL AND GAS AT CLINCH VALLEY COLLEGE
 
 
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APPROVAL OF AUTHORIZATION TO LEASE LAND FOR OIL AND GAS AT
CLINCH VALLEY COLLEGE

  • The following resolution was adopted:
  • WHEREAS, Clinch Valley College requests the approval of the Rector and Visitors to lease 13 tracts encompassing approximately 264.32 acres of land on its campus for oil and gas exploration and extraction and all products which may be derived therefrom; and
  • WHEREAS, the lessee will be selected, and the royalty rates to the College will be determined, through a competitive solicitation in accordance with the applicable rules and regulations of the Commonwealth of Virginia; and
  • WHEREAS, all operations will comply with applicable State and Federal subsurface mineral exploration and extraction regulations;
  • RESOLVED that Clinch Valley College is authorized to lease its land for oil and gas exploration and extraction under the foregoing terms and conditions;
  • RESOLVED FURTHER that the appropriate officers of the University be and they hereby are authorized to execute an approved oil and gas lease on said land.