BLM-Utah Quarterly Oil and Gas Lease Sale Results
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SALT LAKE CITY—The Bureau of Land Management (BLM) Utah received bonus bids totaling $110,263.00 for 4 parcels covering 4,174.46 acres at the quarterly oil and gas lease sale conducted today utilizing the EnergyNet internet-based auction system.
The BLM sold all 4 of the offered parcels. In addition to the bonus bids, the sale grossed $6,264.00 in rental fees and $640.00 in administrative fees, for $117,167.00 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.
Par Five Exploration LLC of Orem, submitted the highest total bid per acre, $50, for parcel 13 in the Canyon Country District area. Par Five Exploration LLC also submitted the highest total bid per parcel, $36,720, for parcel 24 located in the Canyon Country District area.
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:
https://www.blm.gov/programs/
March 23, 2017
BLM-Utah Oil and Gas Lease Sale
Results Summary
Parcels Offered for Auction 4
Parcels Sold 4
% Parcels Sold 100%
Acres Offered 4,174.460
Acres Sold 4,174.460
Acres Sold Percentage 100%
Average Bid/Acre Sold $26.41
Average Bid/Parcel Sold $27.565/75
Highest Bid/Acre $50
Parcel with High Bid/Acre 13
Highest Bid/Parcel $36,720
Parcel with High Total Bid 24
Total Bonus Bid $110,263
Total Rental Due $6,264
Total Admin Fees Due $640
Total Receipts Due $117,167.00
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.