Competitive Mineral Lease Offering Earns $400K for Trust Beneficiaries
The SITLA Oil and Gas, and Minerals groups held their quarterly lease offering in October generating approximately $400,000 for three trust land beneficiaries: public schools, state reservoirs, and the University of Utah.
The October lease offering generated $397,579.12 in bonus bids, largely for oil and gas, on approximately 6,000 acres of trust lands within Duchesne, Uintah, and San Juan counties. The offering also resulted in two metalliferous minerals leases in Duchesne and Utah counties.
Proceeds from the quarterly offerings are deposited into individual permanent funds for trust land beneficiaries, which total a combined $2.5 billion. Beneficiaries received $95 million in annual earnings from their permanent endowment funds last fiscal year.