The Bureau of Land Management (BLM) generated $55,383 during its quarterly oil and gas competitive lease sale held in Reno on March 10, 2015 selling 13 parcels that comprised 15,243.97 acres in Elko and Eureka counties. The sale high bid of $4,574 for a 2,287 acre parcel at $2 per acre was made by American General Energy.
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. Nearly half the bid and rental receipts go to the state of Nevada.
The BLM offered 24 parcels totaling 25,882.47 acres. The preliminary sale list included 26 parcels totaling 27,522.47 acres. The BLM deferred two parcels containing 1,640 acres in areas where there were unresolved resource issues.
A complete summary of the parcels offered and the winning bids is available online at: http://on.doi.gov/1oXmCgT. The next oil and gas sale is scheduled for June 9, 2015.
Source: U.S. Department of the Interior, Bureau of Land Management
