The Bureau of Land Management (BLM) generated $1,979,581 during its quarterly oil and gas competitive lease sale held in Reno on Dec. 10, selling 54 parcels that comprised 93,816 acres. The sale high bid of $135,044 for a 2,548-acre parcel at $53 per acre was made by Housing Int., LLC., of Belvedere, California, for a parcel in Nye County. The high bid per acre was $54 by Contex Energy Co. for a 983.78-acre parcel in Nye County.The lease is for a period of 10 years with annual rentals of $1.50 per acre for the first five years and $2 an acre after that until production begins. Once a lease is producing, a royalty of 12.5 percent is charged. Half of the bid and rental receipts go to the state of Nevada. The BLM offered 178 parcels totaling 303,334 acres.The next quarterly competitive oil and gas lease sale is scheduled for April 15, 2014. The sale will feature parcels in the BLM's Elko District.
Source: U.S. Department of the Interior, Bureau of Land Management
