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August 7, 2007

Contact: Anthony Sara, (307) 775-6304

BLM Oil and Gas Lease Sale Nets over $12 Million 

The Bureau of Land Management (BLM) generated a total of $12,484,820 at the competitive oil and gas oral auction Tuesday in Cheyenne. BLM Wyoming offered 179 parcels for lease and 145 of those parcels comprising 149,110 acres sold at the sale. Half of the money generated will go to the State of Wyoming.

“Mineral resources on Wyoming public land play a key role in meeting energy demands in the Rocky Mountain Region,” said Wyoming BLM State Director Bob Bennett. “With one-third of the nation's oil and gas production coming from public land, oil and gas leasing helps increase domestic production of clean-burning natural gas and other mineral resources.”

The highest bid per acre was $720 for a 160.00 acre parcel located in Converse County, while the highest bid per parcel was $895,300 for a 1,279 acre parcel also located in Converse County. The competitive interest in the sale was demonstrated by receiving multiple bids on 112 of the 145 parcels sold.

The next oil and gas lease sale will be held on Oct. 2, 2007 at the Holiday Inn in Cheyenne.

Last year, oil and gas operations on BLM-administered public lands and federal mineral estate in Wyoming produced 28,520,128 barrels of oil and 525,393,244 million cubic feet of gas, which generated $1,079,543,609 in federal oil and gas royalties. Half the royalty payments were disbursed to the State of Wyoming.

August 2007 
Wyoming Competitive Sale Results Summary

Parcels Offered

179

Parcels Sold

145

% Parcels Sold

81.01%

Acres Offered

207,221.730

Acres Sold

149,109.880

% Acres Sold

71.96%

Average Bid/Acre
    For Acres Offered
    For Acres Sold


$59.08
$82.10

Average Bid/Parcel
    For Parcels Offered
    For Parcels Sold

 
$68,3922.45
$84.429.30

Highest Bid/Acre

$720.00

Parcel with High Bid/Acre

60

Highest Bid/Parcel

$895,300.00

Parcel with High Total Bid

61

Total Bonus Bid

$12,242,248.00

Total Rental Due

$223,722.00

Total Administrative Fees Due

$18,850.00

Total Receipts Due

$12,484,820.00


-BLM-