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May 30, 2013

Lease money will likely be used to improve infrastructure

CHICKASHA — Money made from this week's land auction in Chickasha will most likely be used on infrastructure issues, Mayor Hank Ross said.

Turner Oil and Gas Properties leased 4,010 acres of land around Lake Chickasha for exploratory purposes.

"We also get 3/16 royalties out of this, so pray for oil," Ross said.  

The lease will give the city just over $3 million, which should be available for use in the next 30 days, said Ross.

"We will workshop this issue, but it most likely will be earmarked for infrastructure repairs," Ross said.

Turner Oil will have three years on the lease to explore the acreage.

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