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  • BLM-Utah Quarterly Oil and Gas Lease Sale Results
    by kcsg.com news
    Published - 08/20/14 - 09:22 AM | 0 0 comments | 22 22 recommendations | email to a friend | print
    BLM-Utah Quarterly Oil and Gas Lease Sale Results
    BLM-Utah Quarterly Oil and Gas Lease Sale Results
    slideshow
    (SALT LAKE CITY, Utah) - The Bureau of Land Management (BLM) Utah received bonus bids totaling $32,928 for two parcels covering 2,063 acres at the quarterly oil and gas lease sale held today at the BLM-Utah State Office in Salt Lake City.

    The BLM sold two of the 22 offered parcels. In addition to the bonus bids, the sale grossed $3,096 in rental fees and $310 in administrative fees, for $36,334 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.

    LT Land Group LLC, of Salt Lake City submitted the highest total bid per acre—$25—and the highest total bid per parcel—$22,425— for parcel number 129 located in the BLM-Utah Fillmore 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/ut/st/en/prog/energy/oil_and_gas/oil_and_gas_lease.html.

    August 2014

    BLM-Utah Oil and Gas Lease Sale

    Results Summary

    Parcels Offered for Auction 22

    Parcels Sold 2

    % Parcels Sold 9%

    Acres Offered 39,288

    Acres Sold 2,063

    % Acres Sold 5%

    Average Bid/Acre Sold $16

    Average Bid/Parcel Sold $16,464

    Highest Bid/Acre $25

    Parcel with High Bid/Acre 129

    Highest Bid/Parcel $22,425

    Parcel with High Total Bid 129

    Total Bonus Bid $32,928

    Total Rental Due $3,096

    Total Administrative Fees Due $310

    Total Receipts Due* $36,334

    *Total Receipts Due includes bonus bids, first year’s rental and processing fees.

    The BLM manages more than 245 million acres of public land, the most of any Federal agency. This land, known as the National System of Public Lands, is primarily located in 12 Western states, including Alaska. The BLM also administers 700 million acres of sub-surface mineral estate throughout the nation. The BLM’s mission is to manage and conserve the public lands for the use and enjoyment of present and future generations under our mandate of multiple-use and sustained yield. In Fiscal Year 2013, the BLM generated $4.7 billion in receipts from public lands.

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