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Friday, 05 December, 2008, 17:20 GMT | more >>

Bidders compete for Utah acres



By Upstream staff 

A federal sale of oil and gas leases in Utah held by the Bureau of Land Management (BLM) has raked in $9.4 million dollars.

Of the 78 parcels, which totalled 114,993 acres, on offer, 59 parcels - 82,641 acres - were sold with bids ranging from $2 to $1100 per acre.

The highest bids were submitted by International Petroleum of Salt Lake City for parcels in the Central Overthrust area.

The company bid $1100 per acre, or $1.3 million for an 1180-acre parcel and $800 per acre, or $1.6 million, for a 2036-acre parcel.

The BLM said bidding for Central Overthrust acreage was particularly competitive. All 18 Central Overthrust parcels received bids due to recent discoveries in the area.


Wednesday, 22 February, 2006, 19:37 GMT  | last updated: Thursday, 23 February, 2006, 09:36 GMT

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