Mich. Admin. Code R. 299.8104 - Offer at public auction; procedure
Rule 104.
(1) Oil
and gas lease rights in state lands may be offered at competitive public
auction (lease sale).
(2) The
department shall stipulate the terms and conditions under which lands may be
offered for lease sale.
(3) Any
qualified party may make a bid on sale units offered for lease.
(4) The full amount of the bonus bid must be
paid as directed by the department.
(5) Failure of the successful bidder to pay
the total bid shall result in the forfeiture of the bonus bid and the lease
rights to the sale unit or units involved.
(6) The department reserves the right to
reject any bid and may, in its discretion, stop the sale of any sale unit at
any time and for any stated reason.
(7) Lands in sale units for which no bids are
received must not be offered at lease sale unless applied for again. The
department, in its discretion, may include the unbid land in a future sale or
sales.
Notes
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