Big bid on oil lease |

Big bid on oil lease

NNBW Staff

An oil and gas lease on a 789-acre parcel in Nye County has drawn one of the highest bids in the history of auctions conducted by the Bureau of Land Management in Nevada.

The 789-acre parcel was leased for $453,675, or $575 an acre. Focus Energy USA Inc. of Houston was the winning bidder.

The quarterly auction of oil and gas leases last week drew a total of $949,539 in bids on 20 parcels. Sixteen of the parcels were located in Nye County, two in Elko County, and two in White Pine County.

No bids were submitted on 52 of the parcels that the BLM put up for bid.

BLM received $1,090,434 in its March 2008 quarterly competitive sale, the first of four auctions of Nevada oil and gas properties this year. NNBW staff