The US Bureau of Land Management (BLM)’s quarterly lease sale in Wyoming Sept. 10 showed a robust $82.4 million in high bids, while its Colorado lease sale pulled in $4.7 million, a fraction of the $35.26 million in revenue generated at the bureau’s last lease sale in the state in June.

In Wyoming, BLM leased 99 parcels totaling 114,389 acres, with strong interest and competition in Converse and Campbell Counties in the Powder River basin of northeastern Wyoming. The two counties produced 64% of Wyoming’s crude oil in 2024, with Converse leading at 43.3 million bbl, according to the Wyoming State Geological Survey.

BLM’s sales statistics show that of the 17 parcels receiving 10 or more bids during the sale, all but 2 were in Converse and Campbell Counties. Most parcels there fetched over $1000/acre, with one in Converse receiving an $8,000/acre winning bid. In contrast, many other counties saw little competition, with 37,000 acres receiving no bids and 12 parcels, totaling over 16,000 acres, going for the legal minimum of $10/acre.

In Colorado, BLM leased 29 parcels totaling 14,212 acres. The bureau offered far more acreage in the two previous sales–leasing 134,173 acres in June and 42,532 acres in September. Details of the Colorado sale were unavailable pending the state’s final review.

Federal onshore oil and gas leases extend 10 years or as long as production continues in paying quantities, and they carry a 12.5% royalty rate, with revenues split between the federal government and the state.