The Bureau of Land Management held its quarterly oil and gas lease sale March 18, 2010 at the BLM Eastern States Office.The BLM offered 42 parcels in Alabama, Mississippi, and Ohio. Parcels were sold in Alabama in Blount, Shelby, Tuscaloosa, Lamar, Conecuh and St. Clair Counties. In Mississippi, parcels were sold in Greene, Perry, Wayne, Monroe, Newton, and Grenada Counties. In Ohio, parcels were sold in Washington, Gallia, Lawrence, and Monroe Counties. The 42 combined parcels were sold for $359,074.00.The highest per-acre bid of the auction was Carlton Oil Corporation, Newport, Ohio at $650.00 per acre for 155 acres in Monroe, County Ohio. Leases are awarded for a term of ten years and as long thereafter as there is production of oil and gas in paying quantities. The Federal government receives a royalty of 12 and one-half percent of the value of production. Each state government receives a 25 percent minimum share of the bonus bid and the royalty revenue from each lease issued in that state.March 18, 2010 BLM Eastern States Oil and Gas Lease Sale Results Summary Parcels Offered for Auction: 42 Parcels Sold: 42 % Parcels Sold 100% Acres Offered: 12,143.75 Acres Sold: 12,143.75 % Acres Sold 100% Average Bid/Acre Sold: $27.56 Average Bid/Parcel Sold: $7,970.02 Highest Bid/Acre: $650.00 Parcel with High Bid/Acre: 74 Highest Bid/Parcel: $101,400.00 Parcel with High Total Bid: 74 Total Bonus Bid $334,741 Total Rental Due $18,243.00 Total Administrative Fees Due $6,090 Total Receipts Due* $359,074.00 *Totals include bonus bids, first year's rental and processing fees.
Source: U.S. Department of the Interior, Bureau of Land Management
