August 5, 2008Contact:
Sheri Morris 307-775-6050
Roger Alexander 307-775-6047
BLM Oil and Gas Lease Sale Nets Over $14 Million,
State of Wyoming to Get Half
The Bureau of Land Management generated $14,272,021.50 for leasing rights and rental fees on parcels offered at the BLM's bimonthly federal oil and gas lease auction held in Cheyenne on Aug. 5, 2008. Almost half of the bid and rental receipts go to the State of Wyoming.
"Energy development drives the Wyoming economy and our state provides critical energy resources for the entire nation," said BLM Wyoming Acting State Director Don Simpson.
Bids totaling $14,016,448.00 ranged from the federally mandated minimum of $2 per acre to a high bid of $1,220.00 per acre. Successful bidders also pay a $140 per parcel administrative one-time fee and yearly rental of $1.50 per acre for the first five years of the lease and $2 per acre in years six through 10.
A total of 155,121.610 acres in 163 parcels were sold.
Parcels that didn't receive bids at the auction are available noncompetitively for the yearly rental fee ($1.50 per acre for the first five years and $2 per acre for the second five years) and a $360 administrative fee at the BLM office in Cheyenne.
The next oil and gas lease sale will be held on October 7, 2008, in Cheyenne.
In fiscal year 2007, oil and gas operations on BLM-administered public lands and federal mineral estate in Wyoming produced 29,844,078 barrels of oil and 1,392,972,656 million cubic feet of gas, which generated $1,045,114,191 in federal oil and gas royalties. Half the royalty payments were disbursed to the State of Wyoming.
Wyoming Competitive Sale Results Summary
|% Parcels Sold|
|% Acres Sold|
|Average Bid/Acre |
For Acres Offered
For Acres Sold
|Average Bid/Parcel |
For Parcels Offered
For Parcels Sold
|Parcel with High Bid/Acre|
|Parcel with High Total Bid |
|Total Bonus Bid|
|Total Rental Due|
|Total Administrative Fees Due|
|Total Receipts Due|