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U.S. DEPARTMENT OF THE INTERIOR
BUREAU OF LAND MANAGEMENT NEWS RELEASE
Utah State Office
 
Release Date: 08/17/10
Contacts: Mitch Snow , (801) 539-4020  

Results of Utah BLM Quarterly Oil and Gas Lease Sale


SALT LAKE CITY – 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 eleven of the twelve offered parcels. The sold parcels total 9,195 acres of federal land located in the Vernal Field Office. During the oral auction, BLM received $1,251,435.50 in bonus bids for the federal oil and gas lease rights. In addition to the bonus bids, the sale netted $13,797.00in rental fees and $1,595.00 in administrative fees, for $1,266,827.50in total revenues from this lease sale. 

Tendy Management LLC of Henderson, Nevada, submitted the highest total bid per acre—$560.00 on parcel number 39 containing 80 acres and located in the Vernal Field Office. The highest total bid per parcel was by Rosewood Resources, Inc. of Dallas, Texas—$518,400.00 on parcel number 56 containing 2,160 acres and located in the Vernal Field Office.

August 17, 2010

Utah Oil and Gas Lease Sale Results Summary

Parcels Offered for Auction12

Parcels Sold 11

% Parcels Sold 92%

Acres Offered 9,675

Acres Sold 9,195

% Acres Sold 95%

Average Bid/Acre Sold$136.10

Average Bid/Parcel Sold$113,767.00

Highest Bid/Acre $560.00

Parcel with High Bid/Acre 39

Highest Bid/Parcel $518,400.00

Parcel with High Total Bid 56

Total Bonus Bid $1,251,435.50

Total Rental Due $13,797.00

Total Administrative Fees Due $1,595.00

Total Receipts Due* $1,266,827.50

*Total Receipts Due includes bonus bids, first year’s rental and processing fees.



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. The BLM's mission is to manage and conserve the public lands for the use and enjoyment of present and future generations under our mandate of multiple-use and sustained yield. In Fiscal Year 2013, the BLM generated $4.7 billion in receipts from public lands.
--BLM--

Utah State Office   440 West 220 South, Suit 500      Salt Lake City, UT 84101  

Last updated: 03-04-2011