The Bureau of Land Management (BLM) generated $862,183 during its quarterly oil and gas competitive lease sale held in Reno on June 11, selling 33 parcels that comprised 53,923 acres. The sale high bid of $200,000 for a 1,600-acre parcel at $125 per acre was made by The Blanco Company, for a parcel in Nye County.
An additional 6 parcels totaling 10,400 acres were sold during the non-competitive sale on June 12 for $18,722.
The lease is 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.
Half of the bid and rental receipts go to the state of Nevada.
The BLM offered 40 parcels totaling 65,846 acres. A complete summary of the parcels offered and the winning bids is available online at: www.blm.gov/nv.
The next quarterly oil and gas sale is scheduled for December 10, 2013. The sale will feature parcels in the BLM’s Ely District.
