BLM schedules lease sale for Oct. 7

The U.S. Department of the Interior’s Bureau of Land Management will hold an oral oil and gas lease auction Oct. 7 at the Holiday Inn in Cheyenne, Wyo.

BLM is offering 94 Wyoming parcels, a total of approximately 70,892 acres.

The minimum bid is $2 per acre. There is a $1.50 per acre rental charge, and a charge of $75 per parcel to winning bidders to help cover administrative cost. The federal government will also collect a royalty on any production from the leases.

The primary lease term is 10 years, and leases will be continued as long as oil or gas is produced in paying quantities.

A complete list of parcels is available on BLM’s web site at http://www.wy.blm.gov/minerals/og/leasing/oilgasleasing.html.

Doors open at 7 a.m. with the auction beginning at 8 a.m.