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