SALT LAKE CITY—The Bureau of Land Management-Utah received bonus bids totaling $32,928 for two parcels covering 2,063 acres at the quarterly oil and gas lease sale held at the BLM-Utah State Office in Salt Lake City on Aug. 19.
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 at $25, and the highest total bid per parcel at $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.
BLM-Utah Oil and Gas Lease Sale – Results Summary
- Parcels offered for auction 22
- Parcels sold 2
- Percent of parcels sold 9 percent
- Acres offered 39,288
- Acres sold 2,063
- Percent of acres sold 5 percent
- 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.)
Submitted by Bureau of Land Management
Resources
- Learn more about BLM-Utah oil and gas lease sales here
- Additional information can also be found by writing the Bureau of Land Management, 440 West 200 South, Ste. 500, Salt Lake City, Utah, 84101
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