DALLAS - With oil prices plummeting to half of what they were three months ago, the University of Texas Board of Regents has cancelled plans to raise $1 billion for the state's Permanent University Fund through the sale of oil and gas properties.

The plan, approved by the UT System board of regents in July, was supported by Texas Gov. Rick Perry and Lieut. Gov. David Dewhurst, as well as Land Commissioner Jerry Patterson. Patterson chairs the Board for Lease of University Lands, an obscure agency that manages oil and gas leases on PUF lands.

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