The Bureau of Land Management Nevada quarterly oil and gas lease sale resulted in competitive bids for 19,432.94 acres of the 67,797.94 acres offered. The combined bids from the sale brought in $152,061.50, which will be distributed between the Federal government and Nevada. The BLM offered 39 parcels in Elko, Eureka and Nye counties. Two parcels sold for $14 an acre.
Oil and gas leases are awarded for a term of 10 years and as long thereafter as there is production of oil and gas in paying quantities. The fFederal government receives a royalty of 12 and one-half percent of the value of production. Each state government receives a 25 percent minimum share of the bonus bid and the royalty revenue from each lease issued in that state.
