BLM Wyoming sale nets $7.1 million - February 15, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryFebruary 2004

Vol. 9, No. 7

Week of February 15, 2004

BLM Wyoming sale nets $7.1 million

The Associated Press

An auction of federal oil and natural gas drilling rights in Wyoming netted $7.1 million, half of which goes to the state. Receipts of $7,182,857 were received for leasing rights on parcels offered by the U.S. Bureau of Land Management at its most recent bi-monthly auction, held Feb. 4 in Cheyenne, Wyo.

Bids ranged from the federally mandated minimum of $2 an acre to $2,012 an acre. That high bid was for a 40-acre parcel in Johnson County, awarded to Ann Trujillo of Cheyenne. The highest overall bid was $897,290 ($530 per acre) for a 1,692-acre parcel in Fremont County, won by Contex Energy Co. of Denver, Colo.

Successful bidders also pay a $75 per parcel administrative fee and yearly rental of $1.50 per acre. A total of 84,593 acres comprising 96 parcels were offered, while 75,406 acres in 85 parcels were sold. Royalties will also be collected on production.

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