BLM-Utah Quarterly Oil and Gas Lease Sale Results--2/17/2015
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The Bureau of Land Management (BLM) Utah received bonus bids totaling $342,277 for 17 parcels covering 12,834 acres at the quarterly oil and gas lease sale held today at the BLM-Utah State Office in Salt Lake City.
The BLM sold 17 of the 17 offered parcels. In addition to the bonus bids, the sale grossed $19,254 in rental fees and $2,635 in administrative fees, for $364,166 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.
Hoover & Stacy Inc., of Cheyenne, Wyo. submitted both the highest total bid per acre -- $100 -- for parcel 31 in the Monticello Field Office and the highest total bid per parcel -- $82,890 -- for parcel 27 located in the Monticello 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.
February 2015 BLM-Utah Oil and Gas Lease Sale Results Summary
Parcels Offered for Auction -- 17
Parcels Sold --17
% Parcels Sold --100%
Acres Offered --12,834
Acres Sold --12,834
% Acres Sold --100%
Average Bid/Acre Sold -- $27
Average Bid/Parcel Sold -- $20,134
Highest Bid/Acre -- $100
Parcel with High Bid/Acre --31
Highest Bid/Parcel -- $82,890
Parcel with High Total Bid -- 27
Total Bonus Bid -- $342,277
Total Rental Due -- $19,254
Total Administrative Fees Due -- $2,635
Total Receipts Due* -- $364,166
*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.