Turner Oil and Gas Properties out of Oklahoma City leased over 4,000 acres of land Tuesday night from the city of Chickasha during an open auction.
City Manager Stewart Fairburn said the land will be used for exploratory purposes and is located mostly around Lake Chickasha.
At $750 per acre, the overall land lease cost Turner more than $3 million.
"They have three years to bring this into production," Fairburn said."A renewal of the lease after that in various pieces would cost them some money."
Turner joins companies such as Continental Resources that have started purchasing mineral and exploratory leases across Grady County.