Results of Utah BLM Quarterly Oil and Gas Lease Sale
Contact: Megan Crandall, 801-539-4061
Salt Lake City, Utah—March 24, 2009—The Bureau of Land Management held its quarterly oil and gas lease sale today at the BLM Utah State Office in Salt Lake City. The BLM sold 55 of the 98 offered parcels, totaling 76,304 acres of federal land located in the Moab, Monticello, Price, Richfield and Vernal Field Offices. During the oral auction, BLM received $650,116 in bonus bids for the federal oil and gas lease rights. In addition to the bonus bids, the sale netted $114,477 in rental fees and $ 7,700 in administrative fees, for $ 772,293 in total revenues from this lease sale.
International Petroleum of Salt Lake City submitted the highest total bid per acre—$190 on parcel number 87 containing 80 acres located in the Price Field Office. The highest total bid per parcel was submitted by Thames River LLC, also of Salt Lake City—$58,653 on parcel 195 containing 930.59 acres located in the Monticello Field Office.
March 2009 |
| Parcels Offered for Auction 98 |
| Parcels Sold 55 |
| % Parcels Sold 56.12% |
| Acres Offered 145,260 |
| Acres Sold 76,304 |
| % Acres Sold 52.53% |
| Average Bid/Acre Sold $8.52 |
| Average Bid/Parcel Sold $11,820.29 |
| Highest Bid/Acre: $190 |
| Parcel with High Bid/Acre: 87 |
| Highest Bid/Parcel: $58,653.00 |
| Parcel with High Total Bid 195 |
| Total Bonus Bid $650,116 |
| Total Rental Due $114,477 |
| Total Administrative Fees Due $7,700 |
| Total Receipts Due* $772,293 |
*Total Receipts Due includes bonus bids, first year’s rental and processing fees.
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