The SITLA Oil and Gas, and Minerals groups held their quarterly lease offerings in July, generating more than $940,000 for beneficiaries.
This lease offering generated more than $930,000 in bonus bids, largely in oil and gas within Duchesne County. The offering also resulted in lease of a 2,560-acre mining parcel in Garfield County and a 589-acre geothermal parcel in Millard County.
Most of these leases are on lands managed by SITLA on behalf of public schools, which means lease funds will be added to the Permanent School Fund and invested by the state treasurer. The balance of the revenue will be distributed to other beneficiaries, such as teaching colleges, Utah Schools for the Deaf and the Blind, and used at the discretion of each individual beneficiary.