The BLM-Utah quarterly oil and gas lease sale took place last week in Salt Lake City, netting over $7 million dollars. According to a BLM press release, the sale resulted in competitive bids for 90 of 111 parcels offered. “Crescent Point Energy, of Denver, Colorado, submitted the highest total bid per acre —$15,091 — for parcel 405 in the Vernal Field office area,” shares the BLM. “Crescent Point Energy also submitted the highest total bid per parcel — $15,091— for parcel 405 in the Vernal Field office area.” The oil and gas leases are awarded for a term of 10 years and the federal government receives a 12.5% royalty of the production. Over 135,000 total acres were sold in last week’s sale with the total receipts due at the end of the day amounting to $7,192,822 dollars.
