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U.S. DEPARTMENT OF THE INTERIOR
BUREAU OF LAND MANAGEMENT NEWS RELEASE
Eastern States Office of External Affairs
 
Release Date: 03/16/12
Contacts: Davida Carnahan , 703-440-1717  

March Oil and Gas Lease Sale Nets Over $5.4 Million


SPRINGFIELD, Va.—The Bureau of Land Management-Eastern States quarterly oil and gas lease sale resulted in competitive bids for all parcels offered.  The sale was held at the BLM-Eastern States Office, Springfield, Va. on March 15, 2012.  The combined bids brought in  $5,414,155.50 that is distributed between the Federal government and states where the parcels were located.  Regulations require the bidding to open at $2.00 per acre.  More than 115,000 acres were offered in the sale parcels.

The parcels in the sale were located in Alabama, Louisiana and Mississippi.  In Alabama, parcels were sold in Pickens, Escambia, Covington and Bibb counties.  In Louisiana, parcels were sold in Caldwell, Caddo, Bossier, Vernon, Rapides and Natchitoches parishes.  In Mississippi, parcels were sold in Smith, Scott, Wayne and Franklin counties.  The highest per-acre bid of the auction was made by MRC Energy Company, Dallas, Texas at $7,200 per acre for over 25 acres in Bossier Parish, La.

Leases are awarded for a term of ten years and as long thereafter as there is production of oil and gas in paying quantities.  The Federal government receives a royalty of 12 and one-half percent of the value of production.  Each state government receives a 25 percent minimum share of the bonus bid and the royalty revenue from each lease issued in that state.

March 15, 2012
BLM Eastern States Oil and Gas Lease Sale Results Summary
 
Parcels Offered for Auction:  

93

Parcels Sold:                                                                 

93

% Parcels Sold:                                                            

100%

Acres Offered: 
 115,197.67
Acres Sold: 

 115,197.67

Average Bid/Acre Sold: 

$45.38

Highest Bid/Acre: 

$7,200

Parcel with High Bid/Acre:                                        

92

Highest Bid/Parcel: 

$880,000

Parcel with High Total Bid:                                 

24

Total Bonus Bid: 

$5,227,347.00

Total Rental Due: 

$172,858.50

Total Filing Fees Due: 

$13,950.00

Total Receipts Due: 

$5,414,155.50



The BLM manages more than 245 million acres of public land – the most of any Federal agency. This land, known as the National System of Public Lands, is primarily located in 12 Western states, including Alaska. The BLM also administers 700 million acres of sub-surface mineral estate throughout the nation. In Fiscal Year (FY) 2011, recreational and other activities on BLM-managed land contributed more than $130 billion to the U.S. economy and supported more than 600,000 American jobs. The Bureau is also one of a handful of agencies that collects more revenue than it spends. In FY 2012, nearly $5.7 billion will be generated on lands managed by the BLM, which operates on a $1.1 billion budget. The BLM's multiple-use mission is to sustain the health and productivity of the public lands for the use and enjoyment of present and future generations. The Bureau accomplishes this by managing such activities as outdoor recreation, livestock grazing, mineral development, and energy production, and by conserving natural, historical, cultural, and other resources on public lands.
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Eastern States Office of External Affairs   7450 Boston Blvd.      Springfield, VA   

Last updated: 03-12-2013