The Bureau of Land Management last week auctioned oil and gas leases on 21 parcels totaling 42,762 acres in Nevada.
Most of the properties were in Nye and Lincoln counties. The highest bid per parcel was $29,610 and the highest bid per acre was $18.50, with both parcels located in Nye County. The highest bid per parcel came from Kirkwood Oil & Gas LLC of Casper, Wyoming, and the highest bid per acre came from Makoil Inc. of Las Vegas.
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. The BLM generated $280,123 in last week's auction.
