The Bureau of Land Management (BLM) is holding a competitive oil and gas lease sale on March 8, at the Silver Legacy Resort Casino, Grand Exposition Hall, 407 N. Virginia Street, Reno. Registration and assignment of bidding numbers begins at 8 a.m. and the sale begins at 9 a.m. The oil and gas sale includes 39 parcels totaling 50,415.76 acres in Elko and Eureka Counties. The previous Elko District sale was held on March 10, 2015. That sale generated $63,181, selling 16 parcels covering 19,631.22 acres through competitive and non-competitive sales. The BLM Nevada offers quarterly oil and gas sales. Parcels included are nominated by industry representatives well in advance of a sale. The BLM reviews each parcel location for any resource conflicts, which can result in stipulations placed on the parcel, deferral or partial deferral of a parcel. A complete summary of the parcels to be offered, GIS shapefiles and other documents related to the oil and gas sales are available online. The oil and gas lease is for a period of 10 years with annual rentals of $1.50 per acre for the first five years and $2 per 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.
Source: U.S. Department of the Interior, Bureau of Land Management
