Quarterly lease sales attract over $8 million in bids, BLM reports

Quarterly oil and gas lease sales in eight regions netted $8,157,900 in bonus bids for 175 parcels covering 128,483 acres, the US Bureau of Land Management reported. The agency’s New Mexico office had the largest single total with nearly $3.5 million for parcels in Texas and Oklahoma, it said.

Other totals ranged from nearly $2.7 million in Wyoming and more than $1.2 million in Colorado to $35,524 in Utah, $29,440 in Nevada, and $320 in BLM’s Eastern States office for parcels in Arkansas, BLM said. The agency awards oil and gas leases for a term of 10 years and as long as there is production thereafter in paying quantities.

Contact Nick Snow at nicks@pennwell.com.

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