U.S. DEPARTMENT OF THE INTERIORBUREAU OF LAND MANAGEMENT
For Release: Sept. 10, 2008
BLM Oil and Gas Lease Auction Tops $500,000
Eight oil and gas lease parcels in Kern and Kings counties were auctioned for a total of $525,327 in revenues, including administrative fees, by the Bureau of Land Management’s Bakersfield Field Office today.
West Coast Land Service, Bakersfield, was the per-acre high bidder at $550.00 per acre for a 40-acre lease in Kern County. Occidental Petroleum, Inc. was the highest bidder by total at $320,000.
Results by parcel were:
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. BLM is currently accepting “expressions of interest” for review to include in the lease auction planned for June 10, 2009.
The next lease auction is scheduled for Dec. 10, 2008, in Bakersfield.
Further information regarding the lease auctions can be obtained from Laurie Moore at the BLM California State Office, telephone (916) 978-4377; Nora DeDios at the BLM Bakersfield Field Office, telephone (661) 391-6129, or on the web go to http://www.blm.gov/ca/st/en/prog/energy/og/instructions.html