The State of Utah School and Institutional Trust Lands Administration hosted a competitive sealed bid auction for oil and gas and associated hydrocarbon leases. The auction generated $2,614,500 in oil and gas leases located in Carbon and Uintah County.
The total acres leased was 44,122.59, out of the 52,887.78 offered in the auction. There was an average per acre bid of $59.26, but a high of $657.76 for 840 acres in Uintah County, resulted in one bid of $552,551.00.
The successful bidders are required to pay annual rentals to the trust to hold the properties and royalties on the sale of any minerals produced.
The money raised by these auctions goes to the permanent fund of Utah's public schools and to the beneficiaries of the other trusts as provided by law.
Auctions for oil and gas and other mineral commodities are held quarterly in January, April, July and October. The next sale will be in October. Check the Trust Lands website, http://www.trustlands.com/, for more information.