Nevada State Office
| Contacts: | JoLynn Worley | , 775-861-6515 | , jolynn_worley@blm.gov |
Results of BLM Oil and Gas Sale
Reno, Nev. — The Bureau of Land Management (BLM) generated $662,962 during its quarterly oil and gas competitive lease sale held in Reno today, selling 25 parcels that comprised 44,959 acres. Of the total sale receipt amount, $591,888 is bonus bid revenue. Some parcels sold for more than $2 per acre.
The BLM offered 81 parcels encompassing 156,514 acres. The highest bid per parcel was $133,400 and the highest bid per acre was $145, with the parcel located in Nye County. The highest bid per parcel and highest bid per acre came from Eagle Exploration of Reno, Nevada.
The leases are for a period of 10 years with annual rentals of $1.50 per acre for the first five years and $2 an acre after that until production begins. Once a lease is producing, a royalty of 12.5 percent is charged. Nearly half of the bid and rental receipts go to the state of Nevada.
A complete listing of the parcels offered and the winning bidders is available on-line at: www.blm.gov/nv/. The next sale is tentatively scheduled for September 13, 2011.
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.
Nevada State Office 1340 Financial Blvd. Reno, NV 89502