Bonus bids for mineral leases on Utah trust lands generated more than $420,000 for the trust in February.
Bonus bids are sought for trust lands on which previous leases have expired or been relinquished or canceled. The State Division of Lands and Forestry uses a competitive bid process to offer leases to the highest bidder. The offerings are made approximately every six months.Oil and gas leases created more than 90 percent of the revenue from the bid offerings, said Ed Bonner, minerals section manager. The remainder came from oil shale, metalliferous minerals, gilsonite, potash and building stone.