BLM Oil and Gas Sale Nets Over $14 Million
The Bureau of Land Management (BLM) generated more than $14 million for leasing rights on parcels offered at the BLM's quarterly federal oil and gas lease auction. Almost half of the bid and rental receipts at the auction, held February 11 in Cheyenne, go to the State of Wyoming.
Bids ranged from the federally mandated minimum of $2 per acre to a high bid of $5,400 per acre. Successful bidders also pay a $150 per parcel one-time administrative fee and a yearly rental of $1.50 per acre for the first five years of the lease and $2 per acre in years six through 10.
The next BLM Wyoming oil and gas lease sale is scheduled for Tuesday, May 6, 2014, in Cheyenne.