BLM-Utah Quarterly Oil and Gas Lease Sale Results
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The Bureau of Land Management (BLM) Utah received bonus bids totaling $4,876,823 for 64 parcels covering 64,701 acres at the quarterly oil and gas lease sale held today at the BLM-Utah State Office in Salt Lake City.
The BLM sold 64 of the 65 offered parcels. In addition to the bonus bids, the sale grossed $97,077 in rental fees and $9,920 in administrative fees, for $4,983,820 in total receipts from this lease sale. Receipts from federal oil and gas leases are shared with the state and county where the leased lands are located.
UPL Three Rivers Holdings of Englewood, Colo., submitted the highest total bid per acre -- $13,000 -- for parcel 151 in the Vernal field office. Crescent Point Energy US Corp of Denver, Colo., submitted the highest total bid per parcel -- $1,990,800 -- for parcel 153 located in the Vernal field office.
Oil and gas leases are issued with conditions on activities designed to protect the environment and other natural resources; these conditions can include limits on when drilling can occur or restrictions on surface occupancy. Once an operator proposes exploration or development on a BLM-issued lease, further site-specific environmental analysis is conducted to determine the need for additional mitigation measures. Many operators routinely use best management practices, such as directional drilling or remote monitoring of producing wells, to further minimize potential surface impacts.
Additional information regarding competitive sale lists, detailed results of oil and gas lease sales, or the leasing process is available by writing the Bureau of Land Management, 440 West 200 South, Ste. 500, Salt Lake City, Utah, 84101, or by visiting: http://www.blm.gov/utah
November 2014 BLM-Utah Oil and Gas Lease Sale Results Summary
Parcels Offered for Auction 65
Parcels Sold 64 %
Parcels Sold 98.46%
Acres Offered 64,741
Acres Sold 64,701
% Acres Sold 99.94%
Average Bid/Acre Sold $75.38
Average Bid/Parcel Sold $76,200
Highest Bid/Acre $13,000
Parcel with High Bid/Acre 151
Highest Bid/Parcel $1,990,800
Parcel with High Total Bid 153
Total Bonus Bid $4,876,823
Total Rental Due $97,077
Total Administrative Fees Due $9,920
Total Receipts Due* $4,983,820
*Total Receipts Due includes bonus bids, first year's rental and processing fees.
The BLM manages more than 245 million acres of public land located primarily in 12 western states, including Alaska, on behalf of the American people. The BLM also administers 700 million acres of sub-surface mineral estate throughout the nation. Our mission is to sustain the health, diversity, and productivity of America’s public lands for the use and enjoyment of present and future generations.