Eastern States Online Oil and Gas Lease Sale Nets Over $1 Million
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The Bureau of Land Management Eastern States (BLM-ES) generated $1,717,312 for leasing rights on parcels offered at the second online oil and gas lease sale under new authority provided by Congress.
Approximately 759 acres (19 parcels) were offered during the sale, 719 acres on the Marietta Unit of the Wayne National Forest, Ohio; 39 acres on State of Arkansas Game and Fish lands, White County; and 40 acres on the Bienville National Forest, Scott County, Mississippi.
Twenty-two bidders registered for the sale (75 percent were new bidders) and all the parcels were sold. Bids ranged from the federally mandated minimum of $2 per acre to a high bid of $5,806.12 per acre. Successful bidders also pay a $160 per parcel one-time administrative fee and a yearly rental of $1.50 per acre for the first five years of the lease and $2 per acre in years six through ten.
The lease sale was hosted on the EnergyNet site (www.EnergyNet.com). Each parcel was available for bidding for three hours and the sale could be monitored by anyone with access to the internet.
The authority to conduct onshore oil and gas leases through internet-based bidding methods was provided by the Fiscal Year 2015 National Defense Authorization Act. On August 31, the BLM published a rule amending its regulations to fully implement this authority and give the agency the flexibility to hold either in-person or online lease sale auctions. Seven state agencies use EnergyNet for online sales of state parcels.
Additional information including the sale notice and results can be found at: https://www.blm.gov/programs/energy-and-minerals/oil-and-gas/leasing/regional-lease-sales/eastern-states.
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.