News Release

For Release:  March 12, 2008         
Contact:  David Christy, (916) 985-4474

BLM Oil and Gas Lease Auction Tops $700,000

Eight oil and gas lease parcels in Fresno and Kern counties were auctioned for a total of $759,272.75, including administrative fees, by the Bureau of Land Management’s Bakersfield Field Office Wednesday.

Occidental Petroleum Corporation was the per-acre high bidder at $3,400 per acre for a 201-acre lease in Kern County. Occidental Petroleum Corporation also was the highest bidder by total at $686,800.00.

Results by parcels that received bids were:
• Parcel 03-08-1: 200.00 acres, $2 per acre.
• Parcel 03-08-2: 640.00 acres, $2 per acre.
• Parcel 03-08-3: 221.78 acres, $3.25 per acre.
• Parcel 03-08-4: 1,119.58 acres, $15.00 per acre.
• Parcel 03-08-5: 477.89 acres, $85.00 per acre.
• Parcel 03-08-6: 898.06 acres, $5.25.00 per acre.
• Parcel 03-08-7: 201.01 acres, $3,400.00 per acre.
• Parcel 03-08-8: 40.00 acres, $27.50 per acre.

BLM is required by law to periodically offer federal lands for lease for oil and gas exploration and development. The oil and gas industry is encouraged to submit an "expression of interest" for federal land parcels in California that have potential for development.

Further information regarding the lease auctions can be obtained from Laurie Moore at the BLM California State Office, telephone (916) 978-4377 or Nora DeDios at the BLM Bakersfield Field Office, telephone (661) 391-6129.