State Mineral and Energy Board
Mineral Lease Sale over the Top - $35 million for June
The state Mineral Board, yesterday, collected $35.8 million in cash bonus payments for leases primarily onshore but particularly from oil and gas leasing taking place in northwest Louisiana, closing out the fiscal year with the highest bonus year for the state since FY 82-83.
The FY 2007-08 closes with $62.9 million in state bonus revenue, approximately $27.1 had already been received. According to Mineral Board Chairman and Department of Natural Resources Secretary Scott Angelle said, "The oil and gas lease market is very productive right now and that is really good for the state's economy." Angelle said, "This is the highest year on record since FY 1982-83, when the total was $125 million by year's end." In FY 2006-07, the state received $52 million in bonus monies.
According to Mineral Board Secretary Marjorie McKeithen, "This is an extraordinary time for Louisiana, particularly in north Louisiana, where we are experiencing something akin to a modern day gold rush due to excitement about the Haynesville Shale discovery. To put the magnitude of this sale into perspective: This month's lease sale surpassed by more than double the bonus collections for the previous 11 months of FY 2007-08 combined, almost entirely because of activity in north Louisiana." She said 25 of the 38 leases awarded were from Caddo, Red River and Bienville parishes, totaling approximately $34 million in cash payments, and the average bonus per acre for these leases was over $13,400 per acre, while more typical prices in the past for north Louisiana have been around $400 per acre.
Mineral Board members also welcomed Shreveport Mayor Cedric Glover, who attended the meeting for a brief time. Mayor Glover announced that he and city officials will be holding informational meetings for the public this month at the Shreveport Convention Center. He said discussions on the discovery of the Haynesville Shale will take place and he has extended participation in the forums to Secretary McKeithen and Conservation Commissioner James Welsh.
McKeithen, Welsh and Mineral Board Member Helen Smith of Shreveport, all, plan to attend the public meetings set for today and June 21st.
Below are the preliminary results of the June lease sale and 2007-2008 Fiscal Year totals.
| CLASSIFICATION | NOMINATED TRACTS | NOMINATED ACREAGE | LEASES AWARDED | NO. OF ACRES | AMOUNT OF CASH PAYMENTS |
|---|---|---|---|---|---|
|
Lease Sale June 11, 2008 |
|||||
| State Offshore Leases | 14 | 21,726.820 | 6 | 3,005.970 | $738,369.31 |
| State Onshore Leases | 56 | 30,046.670 | 25 | 6,560.100 | $34,899,592.50 |
| State Dedicated Leases | 1 | 8.950 | 1 | 8.950 | $107,400.00 |
| State Non-Dedicated Leases | |||||
| Pointe-Aux Chene WMA | 8 | 499.100 | 6 | 277.000 | $84,548.00 |
| White Lake Leases | 0 | 0.000 | 0 | 0.000 | $0.00 |
| State Agency Leases | 2 | 160.000 | 0 | 0.000 | $0.00 |
| Total Sale | 81 | 52,441.540 | 38 | 9,852.020 | $35,829,909.81 |
| NOTE: The totals for this sale do not refflect any options that may be exercised or revisions to acreage and cash amounts that may take place after this sale date which may cause these totals to change. | |||||
 |
|||||
| 2007-2008 Fiscal Year | |||||
| State Offshore Leases | 90 | 155,091.490 | 35 | 23,278.906 | $9,466,489.04 |
| State Onshore Leases | 509 | 497,833.261 | 190 | 52,135.711 | $49,616,996.65 |
| State Dedicated Leases | 43 | 66,177.730 | 20 | 2,568.940 | $1,059,420.43 |
| State Non-Dedicated Leases | 12 | 3,983.100 | 7 | 949.000 | $356,708.00 |
| White Lake Leases | 24 | 23,222.440 | 1 | 740.000 | $900,950.00 |
| State Agency Leases | 44 | 4,116.012 | 37 | 2,942.712 | $1,517,770.62 |
| Total Year to Date | 722 | 750,424.033 | 290 | 82,615.269 | $62,918,334.74 |
| NOTE: The Fiscal Year totals include this sale's totals and also options exercised and revisions to acreage and cash amounts that may have taken place from the date of the last sale to this state lease sale. | |||||
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