The Wyoming Office of State Lands and Investments held the first oil and gas lease auction for 2019 on 19 March. The auction resulted in 173 of the 206 offered parcels receiving successful bids to lease 54,096 acres. The auction grossed $4,535,748.08 for the benefit of the State’s trust beneficiaries.
Revenue generated from the auction will be distributed to support public education, the farm loan program, state penitentiaries, and other State funded programs. All leases resulting from winning bids will be issued on the lease form currently in effect as approved by the Wyoming Board of Land Commissioners as Lessor: for a primary term of five years, rental of $1.00 per acre and a royalty rate of either 16 2/3% or 12 ½% of the production as indicated on the pacel listing.
More information can be found on Wyoming’s Office of State Lands and Investments website.