The US Bureau of Land Management generated $49.1 million in bids in its Aug. 2 lease sale in Cheyenne, Wyo., with the sale bringing an average $591/acre bid.
The agency said bids ranged from the federally mandated $2/acre minimum to a high bid of $4,500/acre. BLM sold a total of 83,038 acres in 74 parcels in this sale. So far in 2011, BLM has offered 830 parcels covering more than 605,000 acres of which it has sold 764 parcels to generate more than $174 million in revenue.
The Wyoming quarterly sale was the 18th onshore federal oil and gas lease auction this year, BLM said. The next federal onshore oil and gas lease sale is scheduled for Aug. 12 in Denver.