The Bureau of Land Management (BLM) Utah office said it sold 11 of 12 parcels offered in its latest quarterly oil and natural gas lease sale. The sold parcels total 9,195 acres of federal land administered by BLM's Vernal, UT, Field Office. During the oral auction BLM received more than $1.25 million in bonus bids for the federal lease rights. In addition to the bonus bids, the sale netted $13,797 in rental fees and $1,595 in administrative fees, for more than $1.26 million in total revenues. Tendy Management LLC of Henderson, NV, submitted the highest total bid per acre at $560 on parcel No. 39, which contains 80 acres. The highest total bid per parcel was by Rosewood Resources Inc. of Dallas for $518,400 on parcel No. 56, which contains 2,160 acres. The average bid per acre sold was $136.10.

©Copyright 2010 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.