BLM Oil and Gas Lease Sale Results, BLM California news release 12-10-01

For Immediate Release: 12-10-01 CCal-02-12
Contact: Larry Mercer(661) 391-6010 or Patty Gradek(661) 391-6131

BLM Oil & Gas Lease Sale Results

A 655 acre parcel brought the highest bid at last week's sale of oil and gas leases on federal land. James Guy of Bakersfield bid $140 an acre on the remote piece of land just inside Kings county about 10 miles north of Lost Hills.

A good crowd turned out for the December 6^th event, and the sale generated over $239,000 for the federal government. The minimum acceptable bid was $2.00 per acre, with leases issued for a primary term of 10 years. The average bid was $13.91 per acre. Twenty-eight of the 39 parcels being offered by the Bureau of Land Management in Kern, Kings, Fresno and Tulare counties received bids and will be issued as new oil and gas leases. The remaining parcels are now available for noncompetitive over-the-counter bids at the BLM State Office in Sacramento

A detailed list of the results of the lease sale is available at the BLM-Bakersfield Field Office and at the State Office. More lease sales are being planned for May 8^th, September 12^th, and December 5^th in 2002. General information about lease sales is available on the internet at www.ca.blm.gov/caso/oil.html

The Mineral Leasing Act of 1920, as amended, the Mineral Leasing Act for Acquired Lands of 1947, as amended, and the Federal Oil and Gas Royalty Management Act of 1982 give BLM responsibility for oil and gas leasing on about 570 million acres of BLM, national forest, and other federally managed lands, as well as private lands where mineral rights have been retained by the federal government. The BLM works to assure that development of mineral resources is in the best interests of the nation.

Public lands are made available for oil and gas leasing only after they have been evaluated through BLM's multiple-use planning process. In areas where development of oil or gas resources would conflict with the protection or management of other public land resources or uses, mitigating measures are identified and incorporated into the lease agreements.

- BLM -

Bakersfield Field Office, 3801 Pegasus Drive, Bakersfield, CA 93308