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Area Contract for Development (ACfD)
The ACfD framework was developed internally by UL and refined through extensive planning and engagement with stakeholders. Establishing the model required careful consideration of governance, contractual guardrails, and long-term resource management objectives. Following multiple successful agreements, the ACfD approach has demonstrated its ability to bring significant acreage into development under well-defined terms. For developers, ACfDs offer the ability to secure large blocks of acreage under a single agreement with upfront clarity around commitments and timelines. For UL, the framework supports proactive development, improved coordination, and enhanced visibility into long-term activ- ity. UL expects ACfDs to remain an important component of its mineral development strategy moving forward.
The Area Contract for Development (ACfD) rep- resents a strategic evolution in how University Lands (UL) promotes disciplined, large-scale mineral devel- opment across the Permanent University Fund (PUF) Lands. In fiscal year 2025, UL continued to advance this framework as a proactive tool designed to align acreage, development commitments, and long-term stewardship objectives. An ACfD is structured around a large, contiguous acreage position and includes a clearly defined drilling commitment established at the outset of the agreement. This structure enables coordinated development across an area rather than incremental, lease-by-lease activity, providing clarity and certainty for both UL and developers.
SUMMARY OF COMPLETED ACFD AGREEMENTS (since 2024) Summary of Completed ACfD Agreements since 20 Riverbend REAGAN COUNTY Closed March 2024 • ~8500 acres Summary of Completed ACfD Agreements since 2024 Black Swan, Reagan County Closed Dec 2024 Black Swan, Reagan County Closed Dec 2024 Riverbend, Reagan County Closed March 2024 Riverbend, Reagan County Closed March 2024 SM Energy, Crane County, Closed June 2025 Black Swan REAGAN COUNTY Closed Dec 2024 • ~11,500 acres Ϯ mary of Completed ACfD Agreements since 2024 Black Swan, Reagan County Closed Dec 2024 nd, Reagan County March 2024 SM Energy, Crane County, Closed June 2025 SM Energy CRANE COUNTY Closed June 2025 • ~3,200 acres
SM Energy, Crane Coun Closed June 2025 ▪ Εϯ͕ ϮϬϬĂĐƌĞƐΛΨϲ͘ Ϯ ▪ ϴϳ͘ Ϯ<Ĩƚ>&KĚƌŝůůŝŶŐĐ ǁŝƚŚϭϱǁĞůůƐ ▪ ZŽLJĂůƚLJWsϲΨϰϴDD ▪ Εϯ͕ ϮϬϬĂĐƌĞƐΛΨϲ͘ ϮDDŽŶƵƐ ▪ ϴϳ͘ Ϯ<Ĩƚ>&KĚƌŝůůŝŶŐĐŽŵŵŝƚŵĞŶ ǁŝƚŚϭϱǁĞůůƐ ▪ ZŽLJĂůƚLJWsϲΨϰϴDD
▪ Εϭϭ͕ ϱϬϬĂĐƌĞƐΛΨϰϲDDŽŶƵƐ ▪ ϲϬϬ<Ĩƚ>&KĚƌŝůůŝŶŐĐŽŵŵŝƚŵĞŶƚ ǁŝƚŚϰϴǁĞůůƐ ▪ ZŽLJĂůƚLJWsϲΨϭϲϰDD
▪ Εϭϭ͕ ϱϬϬĂĐƌĞƐΛΨϰϲDDŽŶƵƐ ▪ ϲϬϬ<Ĩƚ>&KĚƌŝůůŝŶŐĐŽŵŵŝƚŵĞŶƚ ǁŝƚŚϰϴǁĞůůƐ ▪ ZŽLJĂůƚLJWsϲΨϭϲϰDD
▪ ΕϴϱϬϬĂĐƌĞƐΛΨϵ͘ ϯDDŽŶƵƐ ▪ ϯϳϬ<Ĩƚ>&KĚƌŝůůŝŶŐĐŽŵŵŝƚŵĞŶƚ ǁŝƚŚϯϲǁĞůůƐ ▪ ZŽLJĂůƚLJWsϲΨϭϭϭDD
▪ ΕϴϱϬϬĂĐƌĞƐΛΨϵ͘ ϯDDŽŶƵƐ ▪ ϯϳϬ<Ĩƚ>&KĚƌŝůůŝŶŐĐŽŵŵŝƚŵĞŶƚ ǁŝƚŚϯϲǁĞůůƐ ▪ ZŽLJĂůƚLJWsϲΨϭϭϭDD
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