A U.S. Bureau of Land Management auction of 25 oil and gas leases in Northeast Utah received mostly minimum bids of just $2 an acre a day after oil prices collapsed due to the impact of the spreading coronavirus outbreak.
The sale representing 32,713.76 acres (13,238.79 hectares) drew total bids of $237,559.60, according to energy marketplace EnergyNet, which conducted the online sale. The average bid per acre offered was $7.26. Continue reading “U.S. oil and gas lease sale in Utah draws few bidders”