Thursday, March 25, 2010

Uintah County lands leased for oil and gas privileges

Casting his vote in the affirmative Mike McKee, Uintah County commissioner, said “Drill, baby drill, we hope you hit....” In doing so, the Uintah County commissioners confirmed their intention to lease oil and gas rights to Newfield Production on two parcels of county property. Newfield has proposed to lease oil and gas rights on land the county owns near TiaJuana Bottoms. “This is a 3-year pre-paid lease for mineral interests on 426.68 acres at a cost of $175 per mineral acre,” said John Gothard, Uintah County attorney. “The total lease is $74,669. Newfield has offered a one-sixth royalty in addition over the typical one-eighth payment.”

Elsewhere in the State the sale of oil and gas leases on Bureau of Land Management (BLM) lands have dropped off significantly since the boom of 2007-2008. Vernal Express