The Bureau of Land Management (BLM) generated $6,676.08 for its quarterly oil and gas competitive lease sale held in Reno on December 8, 2015. The three (3) parcels offered were presale offers. No competitive bids were received; therefore, the presale offers were accepted and sold to the nominator.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 3 parcels totaling 3,640.72 acres. The preliminary sale list included 94 parcels totaling 140,388.67 acres. The BLM deferred 91 parcel containing 135,347.95 acres in areas where there were unresolved resource issues. A complete summary of the parcels offered and the winning bids is available online. The next oil and gas sale is scheduled for March 8, 2016.
Source: U.S. Department of the Interior, Bureau of Land Management
