Oil and Gas/Minerals Groups Yield More Than $2 million at January and April Lease Offerings

The SITLA Oil and Gas, and Minerals groups held their quarterly lease offerings in January and April, generating more than $2.3 million for beneficiaries.

The January lease offering generated more than $1.7 million in bonus bids, while the April offering brought in an additional $530,000. This is a sealed-bid auction for lessees to acquire either oil and gas leases, or mineral leases for specific commodities.

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 Blind, and used at the discretion of each individual beneficiary.