BLM Oil and Gas Lease Sale nets Over $10 Million
State of Wyoming to get half
by Bureau of Land Management
October 2, 2007
The Bureau of Land Management (BLM) generated $10,994,651 for leasing rights and rental fees on parcels offered at the BLM's bimonthly federal oil and gas lease auction held in Cheyenne on Oct. 2, 2007. Half of the bid and rental receipts go to the State of Wyoming.
"Energy development drives the Wyoming economy and our state provides critical energy resources for the entire nation," said Wyoming BLM State Director Bob Bennett.
Bids totaling $10,994,651 ranged from the federally mandated minimum of $2 per acre to a high bid of $1,225 per acre. Successful bidders also pay a $140 per parcel administrative fee and yearly rental of $1.50 per acre.
A total of 131,672.660 acres in 163 parcels were leased. There were 184 parcels offered as available for lease, with 81% sold.
Parcels that didn't receive bids at the auction are available noncompetitively for the yearly rental fee ($1.50 per acre for the first five years and $2 per acre for the second five years) and a $360 administrative fee at the BLM office in Cheyenne.
The next oil and gas lease sale will be held on Dec.4, 2007, in Cheyenne.
Last year, oil and gas operations on BLM-administered public lands and federal mineral estate in Wyoming produced 28,520,128 barrels of oil and 525,393,244 million cubic feet of gas, which generated $1,079,543,609 in federal oil and gas royalties. Half the royalty payments were disbursed to the State of Wyoming.