Results of BLM oil and gas sale

BLM NEWS RELEASE

The Bureau of Land Management (BLM) generated $123,360 during its quarterly oil and gas competitive lease sale held in Reno on June 8, 2010, selling 23 parcels that comprised 34,287 acres.  Of the total sale receipt amount, $68,586 is bonus bid revenue

The BLM offered 101 parcels encompassing 192,635 acres.  The highest bid parcel sold for $2 per acre and is located in Eureka 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 $244,398 in bonus bids in the March 2010 quarterly competitive sale with 45 parcels sold.  The highest bid parcel sold for $10 per acre and is located in Elko 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 September 14, 2010.