Thirty-four parcels of Federal land in Alabama, Arkansas, Kentucky, Louisiana, Michigan and Mississippi brought $101,037 to the U.S. Treasury through a competitive auction of oil and gas leases conducted by the U.S. Department of the Interior’s Bureau of Land Management (BLM) on July 11, in Springfield, VA. Bonus bids, filing fees, and rental revenue totaled $322,064, of which $221,027 will be shared with the six states. BLM, Eastern States administers the mineral estate in 31 states east of and adjoining the Mississippi River and offers selected parcels at quarterly competitive auctions. Regulations require the bidding to open at $2 per acre minimum. Seeco, Inc. from Fayetteville, Arkansas purchased a 2,449 acre parcel in Logan County, AR with their bid of $67 per acre — the highest per-acre bid of the auction. Leases are awarded for a term of 10 years and as long thereafter there is production in paying quantities. The Federal Government receives a 12.5% royalty on the value of the amount of production. Also, each respective State Government receives a 25% minimum share of the bonus bids and the royalty from each lease. Twenty-nine parcels remained available for noncompetitive, next-day filing.
Kentucky
Articles from Kentucky
Consumer Fixes for Restructuring Examined at NARUC Session
A California utility consumer advocate and a Kentucky-basedeconomist/consultant offered a national meeting of state regulatorycommissioners in San Diego last week different prescriptions forproviding long-term relief to retail consumers in the midst ofvarious electric industry restructuring efforts scattered aroundthe nation.
Futures Build on Last Week’s Late Strength
Much like Charismatic, winner of the Preakness and the KentuckyDerby,the futures market was off to the races Monday. Afteropening slightly more than a penny below Friday’s settlement price,the futures market spiked dramatically higher in the first hour oftrading as local buying pushed the market through last week’s$2.315 high. June continued higher yesterday afternoon, finishingup 5.5 cents to $2.343.