Results of Utah BLM Quarterly Oil and Gas Lease Sale
Contact: Terry Catlin (801) 539-4122
Salt Lake City, Utah—August 19, 2008—The Bureau of Land Management (BLM) Utah sold 43 of the 62 offered parcels, totaling 62,059.16 acres of federal land located in Beaver, Carbon, Iron, Sanpete and Sevier Counties at the Utah quarterly oil and gas lease sale conducted today at the BLM Utah State Office in Salt Lake City. During the oral auction, BLM received $2,726,509.00 in bonus bids for the federal oil and gas lease rights. In addition to the bonus bids, the sale netted $93,112.50 in rental fees and $6,020.00 in administrative fees, for $2,825,641.50 in total revenues from this lease sale.
The average bid per acre sold was $43.93. Gary Wayne of Fond Du Lac, Wisc., submitted the highest total bid per acre in the amount of $15,000 on parcel 81 containing 36.36 acres and located in Sevier County. International Petroleum of Salt Lake City submitted the highest total bid per parcel in the amount of $876,000 on parcel 82 containing 120 acres and located in Sanpete County.
June 2008 Utah Competitive Sale Results Summary |
Parcels Offered for Auction 62 |
Parcels Sold 43 |
% Parcels Sold 69.35 |
Acres Offered 82,345.96 |
Acres Sold 62,059.160 |
% Acres Sold 75.36 |
Average Bid/Acre Sold $43.93 |
Average Bid/Parcel $63,407.19 |
Highest Bid/Acre: $15,000.00 |
Parcel with High Bid/Acre: 81 |
Highest Bid/Parcel: $876,000.00 |
Parcel with High Total Bid 82 |
Total Bonus Bid $2,726,509.00 |
Total Rental Due $93,112.50 |
Total Administrative Fees Due $6,020.00 |
Total Receipts Due $2,825,641.50 |
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