BLM Oil and Gas Sale Nets Over $11 Million

The Bureau of Land Management (BLM) generated $11,064,900 for leasing rights on parcels offered at the BLM's quarterly federal oil and gas lease auction held Aug. 5, in Cheyenne. Almost half of the bid and rental receipts go to the State of Wyoming.

According to a release bids ranged from the federally mandated minimum of $2 per acre to a high bid of $4,900 per acre. Successful bidders also pay a $155 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, Nov. 4, 2014, in Cheyenne.