TULSA, Okla. – More than $860,000 was raised during the oil and gas lease sales auction Oct. 27 at the 10th Annual Osage Oil and Gas Summit and Prospect Expo.
Wednesday’s sale is the highest lease sale the Osage Mineral’s Council has had in four years.
Before the auction began OMC Chairman Dudley Whitehorn said, “This is the first time we’ve ever done this, in a place like this, in a town this size . . . Usually we have these on the campus of the Osage.”
Ninety-four combination oil and gas tracts of land, three oil tracts and two gas tracts, totaling 15,780 acres, went up for bid.
Scores of attendees representing various oil and gas companies around the region attended the summit and competed with others for bid on the land tracts. Auctioneers from Tulsa-based Southside Auction Co. presided over the bids before announcing the final sales offered for each land tract.
Among the highest successful bidders was Cardinal River Energy which bid $55,000 and $50,000 on two tracts of land for oil and gas use.
The OMC met in a special meeting following the auction and unanimously approved the sales made.
During the special meeting, in which the agenda said it was a meeting of the “Osage Tribal Council,” OMC Secretary Miya McKim reported a total of $864,940 was raised as a “bonus consideration” during the auction.
“We had good results today from the lease sale,” Whitehorn said. “It’s a good sign that there’s a lot of interest in the Osages.”
Of the 99 tracts of land with leases up for bid, 94 are designated for oil and gas use totaling 14,500 acres and sold for $844,800. The three oil land tracts, totaling 480 acres sold for $15,020. The two gas tracts totaling 320 acres sold for $5,120.