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.
Important Message Regarding Oil and Gas Lease Files
As of January 2, 2018, the School and Institutional Trust Lands Administration (SITLA) has designated the electronic version of an oil and gas lease record as the official record under the Government Records Access and Management Act (see Utah Code Title 63G, Chapter 2). The retention schedule for oil and gas lease records is permanent. Historic paper files will not be updated after January 2, 2018.
Oil and gas lease files contain public documents used to track oil and gas leases on SITLA lands. Records may contain final and fully-executed contracts, assignments, royalty reports, correspondence (including e-mail), application materials, director’s agenda items, maps and/or drawings, photos, videos, accounting materials (including rental and other receipts, but excluding royalty payment information), bonding and insurance materials, environmental documentation, cancellation notices, and other public materials associated with oil and gas leases.
Beginning January 2, 2018, oil and gas lease records will be available online only at: www.trustland.utah.gov.
LaVonne J. Garrison
Assistant Director, Oil & Gas