BLM sale fetches over $6.5 million

Receipts totaling $6,586,982 were received for leasing rights on parcels offered by the Bureau of Land Management at the bi-monthly federal oil and gas lease oral auction held in Cheyenne, Wyo. on June 7, BLM said in a press release.

Bids totaling $6,330,437 ranged from the federally mandated minimum of $2 per acre to $500 per acre. That bid was for a 241 acre parcel in Carbon County that was won by Marshall and Winston Inc., of Midland, Texas.

The highest bonus bid of $478,400 was for a 1,195 acre parcel in Carbon County, which was won by Baseline Minerals Inc., of Denver, Colo. Successful bidders also pay a $75 per parcel administrative fee and yearly rental of $1.50 per acre.

In addition to the bids, the sale netted $243,570 in first year rental fees, and $12,975 in administrative fees. Half of bid and rental receipts go to the state of Wyoming.

A total of 175,311.740 acres in 189 parcels were offered at the sale. A total of 162,339.320 acres in 173 parcels were sold. Average bid per acre for each acre sold was $39 and the average parcel sold netted $36,592.12 from bidding.

The next auction will be held on Aug. 2 in Cheyenne.

—Petroleum News