HomeSITLA Quarterly Lease Offering Generates $1.06M for Beneficiaries

SITLA Quarterly Lease Offering Generates $1.06M for Beneficiaries

The SITLA Oil and Gas, and Minerals groups held their quarterly lease offerings in January, generating more than $1.06 million for beneficiaries. The January lease offering generated more than $1 million in bonus bids, largely in oil and gas within Duchesne County. The offering also resulted in leases on a 640-acre mining parcel in San Juan County, and 120-acre oil sand parcel in Uintah 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 nearly $2 billion 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.

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