BLM O&G Lease Sale Generates More than $32MM

The Bureau of Land Management generated $32,451,630.00 for leasing rights and rental fees on parcels offered at the BLM's quarterly federal oil and gas lease auction held in Cheyenne on May 11, 2010. Almost half of the bid and rental receipts go to the State of Wyoming.

"Energy development is an important component of the Wyoming economy and provides critical energy resources for the entire nation," said BLM Wyoming State Director Don Simpson.

Bids totaling $32,333,751.00 ranged from the federally mandated minimum of $2 per acre to a high bid of $3,150 per acre. Successful bidders also pay a $145 per parcel one-time administrative fee and yearly rental of $1.50 per acre for the first five years of the lease and $2 per acre in years six through 10.

A total of 70,446.45 acres in 84 parcels were sold.

The next oil and gas lease sale will be held on Tuesday, Aug. 3, 2010, in Cheyenne.