Oil & Gas
The oil and gas assets of the trust are managed by the Oil & Gas Group. Revenue is generated through bonus payments on new leases, rents and royalties. Most of the oil and gas lands are leased through a competitive, sealed-bid auction held four times annually. A company may nominate parcels of land for the auction by notifying the administration of its interest, in writing.
There is also a process that allows special leasing or development proposals, referred to as Other Business Arrangements (OBAs), to be considered by the agency, with approval by the Board of Trustees. The OBA process is used for special consideration of some lands to bring them into production under a predetermined plan that suits the short- and long-term interests of the beneficiaries. For more information on OBAs, please contact the Assistant Director, Oil and Gas.
NOTICE TO THE PUBLIC:
SITLA is in the process of scanning its oil and gas lease files. Once that is done, the files will be available on the SITLA website at www.trustlands.utah.gov. This has been a project the OG group has worked on over the past 3-4 years, and it is finally becoming a reality. We are shooting for a completion date of July 1, 2017. Once all the scanning is done, SITLA will no longer keep paper copies of its OG lease files. The electronic file will be the agency record copy and will be available to the public on our website. All paperwork coming to the agency from the date of completion forward will be scanned, and the paper copy shredded. Until the completion date, paper copies will be scanned and sent to State Archives but will no longer be considered the record copy. Should you have any questions, please contact me. We will post more information on the project on our website as the completion date nears.
LaVonne J. GarrsionAssistant Director, Oil & Gas