Ames Energy Advisors/Ames Energy Investments of San Antonio snapped up 47 of 70 available parcels in last week's quarterly auction of oil and gas leases at the Reno field office of the Bureau of Land Management.
Ames, founded in 2010 by Gene Ames III, spent $265,730 of the $652,418 taken in by the BLM for oil and gas leases. Ames Energy Advisors also had the highest bid at $17,290 for a 2,240-acre parcel in Nye County, the seat of oil production in Nevada.
The BLM auctioned 70 of 137 parcels comprising more than 160,339 acres. Leases run 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 charges a 12.5 percent royalty on producing leases.
The previous auction in September brought in $2.6 million in total bids. The next oil and gas lease auction will be held March 13.
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