Of the 351 tracts receiving bids during the sale, MMS rejected 4 high bids totaling $1,257,085 as insufficient for fair market value. In addition, one high bid at $201,201 was deemed unacceptable by MMS because it was below the required minimum bid amount stated in the Final Notice of Sale. MMS accepted the high bids on 346 tracts for a net amount of $169,928,999.
The monies collected are distributed to the general fund of the U.S. Treasury, shared with the affected States, and set aside for special uses that benefit all 50 states.
The highest bid accepted on a tract was $6,775,400 by The Houston Exploration Company for High Island, East Addition, South Extension A-270. This tract is located in water depths less than 200 meters and received four bids. The second and third highest bids accepted were $4,877,331 by Remington Oil and Gas Corporation on Garden Banks 506 and $4,244,200 by Kerr-McGee Oil & Gas Corporation on East Breaks 424, both of which were in the 800- to 1,599-meter water depth range.
This sale indicates the continued strong interest of major and independent oil and gas companies in the Gulf. The results of the sale also indicate a continuing interest in shallow-water areas.
The top five companies participating in the highest number of accepted high bids for Sale 192 are the following:
Number of Sum of Accepted Company Accepted High Bids High Bids Amerada Hess Corporation 56 $12,911,509 BP Exploration & Production 47 $27,890,067 Petrobras America Inc. 36 $10,518,174 Devon Energy Prod. Company L.P. 26 $11,519,457 Kerr-McGee Oil & Gas Corp. 24 $14,089,305
The top five companies with the highest total bonus accepted are the following:
Number of Sum of Accepted Company Accepted High Bids High Bids BP Exploration & Production 47 $27,890,067 Kerr-McGee Oil & Gas Corp. 24 $14,089,305 Amerada Hess Corporation 56 $12,911,509 Devon Energy Prod. Company L.P. 26 $11,519,457 Petrobras America Inc. 36 $10,518,174
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