BLM-Utah Quarterly Oil and Gas Lease Sale Results 5/19/2015
Organization:
Media Contact:
The Bureau of Land Management (BLM) Utah received bonus bids totaling $256,248.50 for 11 parcels covering 13,344 acres at the quarterly oil and gas lease sale held today at the BLM-Utah State Office in Salt Lake City.The BLM sold 11 of the 14 offered parcels. In addition to the bonus bids, the sale grossed $20,023.50 in rental fees and $1,705 in administrative fees, for $277,977 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.Finley Resources Inc., of Fort Worth, Texas, submitted both the highest total bid per acre -- $500 -- and the highest total bid per parcel -- $107,000 -- for parcel 132 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: https://www.blm.gov/programs/energy-and-minerals/oil-and-gas/leasing/regional-lease-sales/utahMay 2015 BLM-Utah Oil and Gas Lease Sale Results Summary Parcels Offered for Auction --14Parcels Sold -- 11% Parcels Sold -- 79%Acres Offered -- 15,265Acres Sold -- 13,344% Acres Sold -- 87%Average Bid/Acre Sold -- $19Average Bid/Parcel Sold -- $23,295Highest Bid/Acre -- $500Parcel with High Bid/Acre -- 132Highest Bid/Parcel -- $107,000Parcel with High Total Bid -- 132Total Bonus Bid -- $256,248.50Total Rental Due -- $20,023.50Total Administrative Fees Due -- $1,705Total Receipts Due* -- $277,977*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.