Amidst dropping oil prices there was low bidder turnout for a BLM oil and gas lease auction for parcels in the Uinta Basin on Tuesday. EnergyNet conducted the online sale of 25 parcels in Uintah County for a total of 32,713.76 acres. A Reuters report provided details on the sale results sharing that the sale drew total bids of $237,559.60 with an average bid of $30 per acre. A 240 acre-parcel received the highest bid at $501 dollars an acre. That parcel sale was protested by Sundog Airport, which Reuters states is within the lease parcel, but the BLM rejected the protest. This report will be updated when the BLM makes more information on Tuesday’s sale available.
