| OCR Text |
Show BLM Gets Half-Million In Bonus Gas,' Oil Bids The Bureau of Land Management (BLM) received nearly one half million dollars in bonus bids for oil and gas leases on 56 oarcels involving some 54,000 acres of land in Utah during an oral auction conducted Dec. 28 at the Red Lion Inn in Salt Lake City, ' A total of 274 parcels in various parts of the state were offered at the sale. Bids were received on the 56 parcels and ranged from $2 to $140 per acre. Exxon Corporation submitted sub-mitted the highest bid, nearly $140,000 for a 1,200 acre parcel in San Juan County. The highest bid per acre was received from Winter-shall Winter-shall Corporation of Denver, Colo., for a tract in San Juan County. In addition to the bonus bids, the sale netted over $80,000 in first year rentals and over $4,000 in administrative ad-ministrative fees. Successful bidders pay a $75 administrative fee and yearly rental of $1.50 per acre for the first five years and $2 an acre thereafter. Unsold parcels were available for 10-ycar noncompetitive lease the day following the oral auction. As of close of business Dec. 29, BLM had received 500 offers on such parcels. |
