Wyoming Land Purchase Agreement

Q: How did Westerner acquire the land? Q: If the purchase had taken place, how would the state have managed these lands and minerals? A: Occidental acquired the parcels after the merger with the former owner of the land, Anadarko Petroleum Corporation in August 2019. Q: Why would Wyoming own more land? Is it not better to leave these lands in the hands of the private sector? As with real estate agents, Barclays` fees were based in part on the potential purchase price of the property. As there is no purchase, most fees are not paid. The governor kept saying that if the purchase price was too high to be a prudent investment, there would be no purchase. That is what happened. Barclays has not set the purchase price – it is a decision between Occidental and the successful bidder. Because it is a large area, with several minerals and surface use, few potential buyers are willing to consider the entire wing. The current owner has been motivated to sell assets that are not considered core activities. These assets are not part of the main activity: trona, grazing sheep and cattle, etc.

Given current market conditions, other companies close to energy or minerals may be interested in picking part of the wing, but not the entire package. Other private companies could also check the purchase of the property. The Wyoming Residential Real Estate Purchase Contract („Residential Real Estate Purchase Contract“) is used to purchase real estate at the time of the offer. The agreement exists between buyers and sellers and initiates the negotiation process by indicating the buyer`s offer for the purchase of the property. A: From the beginning of the process and as was discussed at the governor`s press conference in February 2020, Wyoming would only follow the potential purchase if it was a good financial deal for the people of Wyoming. Other financing options are included, but are not limited to the use of the Legislative Stability Reserve Account, often referred to as the Rainy Day Account, or to borrowing through the use of bonds. Q: Did the governor go around the legislature when he decided to use investment funds to buy this asset? Shouldn`t the legislature be involved in an agreement of this magnitude? Overall, based on our disciplined approach, members of the State Loan and Investment Board (SLIB) offered $1.2 billion for the entire Oxy land and, in the alternative, $225 million for the country and all minerals other than Trona. Our offer was carefully considered and shared with the legislature`s management and members of the National Credit and Investment Committee before being presented by Treasurer Meier and myself. On July 6, 2020, at a public meeting, the State Loan and Investment Board (SLIB), after receiving a public statement, voted to ensure that the Governor, Treasurer and Chief Investment Officer be able to submit a non-binding offer to purchase land and minerals to Occidental Petroleum.

SLIB also indicated that there could be an offer for the entire wing, with all assets and alternative offers for certain assets. In general, the assets were identified as surface, trona, oil and gas and minerals. The confidential offer was forwarded to Occidental on 8 July.

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