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Results of BLM oil and gas sale

By ThisIsReno

SUBMITTED NEWS RELEASE

The Bureau of Land Management (BLM) generated $372,897 during its quarterly oil and gas competitive lease sale held in Reno today, selling 45 parcels that comprised 81,302 acres.  More than $244,000 of the sale receipts will be equally paid to the State of Nevada and U.S. Treasury.

The BLM offered 171 parcels encompassing 305,716 acres. The highest bid parcel sold for $10 per acre and is located in Elko County. The leases are for a period of 10 years with annual rentals of $1.50 per acre for the first five years and $2 an acre after that until production begins. Once a lease is producing, a royalty of 12.5 percent is charged.

The BLM received $53,411 in bonus bids in the December 2009 quarterly competitive sale with 15 parcels sold. The highest bid parcel sold for $5 per acre and is located in Nye County.

A complete listing of the parcels offered and the winning bidders is available on-line at: www.blm.gov/nv/. The next sale is tentatively scheduled for June 8, 2010.