A Reno company, Energy Exploration of Nevada LLC, paid the highest amount for an oil and gas lease on federal land in Nevada during the quarterly auction conducted by the Bureau of Land Management.
The company bid a total of $52,800 $110 an acre for the right to explore BLM-owned property in Nye County.
The BLM auctioned leases to 44 parcels containing nearly 61,000 acres during last week's auction.
The auction raised $596,304, including 498,661 in bonus bids that are split between the sate and the U.S. Treasury.
The previous auction in March raised $105,864 in bonus bids as leases to 25 parcels were sold. The highest bid in March was $6.50 an acre in Lincoln County.
The leases are for 10 years with annual rentals of $1.50 per acre for the first five years and $2 an acre after that until production begins. Once a lease is producing, a royalty of 12.5 percent is charged.
