The Chickasha City Council voted Monday to hold a public auction to lease more mineral rights around Lake Chickasha on Oct. 21.
Chickasha Mayor Hank Ross said Chickasha has already leased the mineral rights to a vast majority of a 4,000 acre piece of land near Chickasha Lake. He said the area is going to be used for oil exploration and should the lease holders strike oil or gas, the City of Chickasha would receive 3/16 of the revenue.
This new section of land the City of Chickasha is going to auction off in two weeks time is an 80-acre tract.
Ross said the city doesn't know who will end up leasing the land, but he said that a bunch of land man companies will bid in two weeks for the acreage.