State Mineral and Energy Board

FY 97/98 MINERAL BOARD LEASE FIGURES SURPASS PROJECTIONS

Monday, June 15, 1998

The end of the fiscal year mineral lease sales totals climbed above $50 million this June, reported Mineral Board secretary Gus Rodemacher. In spite of falling oil and gas prices, the state's mineral leasing program moved above anticipated levels due to advanced technology and the use of 3-D seismic, Rodemacher said. The June lease sale data showed a 140 percent increase in original projections for the FY 1997/98, surpassing the state's anticipated income from this revenue source.

The State Mineral Board conducted a Lease Sale June 10, 1998 at 10:00 a.m. in the Mineral Board Hearing Room located in the State Land and Natural Resources Building in Baton Rouge. Below are the preliminary results of the Lease Sale and 1997-98 Fiscal Year totals.


CLASSIFICATION NOMINATED TRACTS NOMINATED ACREAGE LEASES AWARDED NO. OF ACRES AMOUNT OF CASH PAYMENTS
Lease Sale June 10, 1998
State Offshore Leases 33 54,795.540 14 6,594.815 $2,923,380.13
State Onshore Leases 134 181,453.780 61 45,887.210 10,778,855.83
State Dedicated Leases 0 0.000 0 0.000 0.00
State Agency Leases 6 1,960.934 2 85.000 9,000.00
TOTAL SALE 173 238,210.254 77 52,567.025 $13,711,235.96
           
 
1997-98 Fiscal Year
State Offshore Leases 225 349,955.960 71 30,816.343 $13,881,065.78
State Onshore Leases 631 590,312.110 255 96,986.776 25,243,871.28
State Dedicated Leases 43 66,685.270 13 10,541.070 10,310,357.93
State Agency Leases 53 10,406.686 29 3,176.100 764,656.03
TOTAL YEAR TO DATE 952 1,017,360.026 368 141,520.289 $50,199,951.02

Editors: For more information on this report, please contact Gus Rodemacher at (504) 342-4607.


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