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To: Roy Chiesa who wrote (3809)	6/4/1999 6:56:00 PM
From: VanGo101	Read Replies (2) \| Respond to of 4821

Roy...Have you read this article by Bob Christi in the Bakersville Californian? ******************************************************************* bakersfield.com BLM auctions off leases from Kern, other counties Filed: June 3, 1999 By BOB CHRISTIE Californian staff writer e-mail: bchristie@bakersfield.com The Bureau of Land Management conducted what it termed the most successful federal oil and gas lease sale in the state's history on Thursday, auctioning off the mineral rights to 30 parcels in Kings, Monterey, San Luis Obispo and Kern counties for a total of $789,525. The bidding at the Holiday Inn Select hotel in Bakersfield on Thursday morning was spirited and very competitive, with two leases in western Kern County bringing a premium of $170 an acre, BLM spokesman Larry Mercer said. The BLM placed 52 leases totaling 51,922 acres up for bid, and drew bidders on 30 parcels, many in western Kern County. Topping the list in bidding value was a 1,080-acre plot near the Elk Hills field and a 642-acre parcel near the Cymric and Cal Canal fields. Both brought $170 an acre, and a second parcel near the Cal Canal gas field brought $120 an acre, Mercer said. Among the top bidders of the day were Maverick Petroleum of Bakersfield, which bought eight parcels for a total of $115,000, including the Cal Canal lease. West Coast Land Services bid on six parcels, including lease No. 30 near Elk Hills. West Coast bid a total of $365,000 for six parcels. The parcels put up for auction were chosen because of interest expressed by the oil industry. Some received only the minimum bid of $2 per acre. In addition to the lease premium, the winning bidders will be responsible for paying a 121Ú2 percent royalty if they successfully find oil. Half of the royalty would be given to the state, which would in turn send half of its receipts to the county where the well is located. Mercer said he was surprised at the large amount of interest in the lease sale. "Obviously if people are still willing to go out and drill holes in the ground there's still a lot of money to be made." ******************************************************************* Interesting, VanGo101...Van