Alabama gets $ 58,336 for federal oil-gas leases

Jun 28, 2004 02:00 AM

The state of Alabama got $ 58,336 from the sale of 16 oil and gas leases auctioned earlier this month by the US Bureau of Land Management's Eastern States division.
Some 4,800 acres of federal gas and oil leases in Alabama were sold, raking in $ 99,063 for the Bureau of Land Management. Overall, the Eastern States division sold 101 of 116 parcels, generating $ 1.4 mm. Of that amount, the federal treasury will keep $ 927,641 and share $ 493,444 with Alabama, Arkansas, Louisiana, Mississippi and West Virginia.

The Eastern States division has the responsibility for leasing federally owned minerals located in 31 states east of and adjoining the Mississippi River.
Selected parcels are offered at quarterly competitive auctions. Bidding must open at $ 2 per acre, with leases awarded for terms of 10 years and more, contingent on ongoing oil and gas production in paying quantities.

Public lands in the 31 states produced 1.5 mm barrels of oil and 26.2 bn cf of natural gas in fiscal 2003.

Source: Birmingham Business Journal
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