BLM’s oil lease auction draws big bids
The Bureau of Land management took in more than $2.6 million in its quarterly auction of oil and gas leases in Nevada last week more than the past nine auctions combined.
Leases for the previous nine auctions garnered a total of just over $2.4 million for the BLM.
The BLM auction last week included 66 parcels comprising 137,932 acres. Forty parcels totaling 77,698 acres received no bids. The highest bids of the day, placed by John Obourn of Littleton, Colo., were for $179,200 and $80 per acre for a parcel in Nye County. Obourn acquired leases on 27 parcels during the auction. Eighteen leases were acquired by Angelle & Donohue Oil & Gas Properties Inc. of Lafayette, La.
The BLM oil and gas leases are for 10 years, with annual rentals of $1.50 per acre for the first five years and $2 an acre until production begins. The BLM charges a 12.5 percent royalty on parcels that produce oil or natural gas.
The next sale of oil and gas leases in Nevada is set for Dec. 13.
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