The Bureau of Land Management has received more than $1 million for oil and gas leases involving 100,505 acres of Utah land, a spokesman said.
Seventy-four parcels were sold at the second competitive oil and gas lease oral auction in Utah under the Federal Onshore Oil and Gas Reform Act of 1987.The sales also netted $150,000 in first year rentals and $5,550 in administrative fees for the BLM, the spokesman said.
A total of 450 parcels, totaling more than 643,000 acres, were offered. Bids ranged from $2 to $500 an acre with BTA Oil Producers of Midland, Texas, submitting the highest offer - $128,000 for a 640-acre parcel near Alkali Canyon in southeastern Utah.
Unsold parcels were available for 10-year noncompetitive leases the day following the oral auction, resulting in an additional 830 bids for 194,000 acres, bringing in $62,500 in sales proceeds and an estimated $290,000 in future rental fees.