Louisiana mineral board sells $1.8 million in leases at April sale

04 11, 2014 by The Times-Picayune

The Louisiana Mineral and Energy Board collected $1.8 million during its April sale of oil and gas rights on state and local lands. The sale was dominated by a Baton Rouge firm, which scooped up the rights to 20 lease areas across the state.

The Wednesday (April 9) sale in Baton Rouge had a better turnout and drew higher bids than the March sale, which collected $769,753. The board sold 32 leases covering 3,851 acres out of 44 nominated tracts covering more than 29,000 acres.

Companies interested in bidding on state and local lands are required to nominate acreage prior to each sale. The board awarded no tracts in offshore or inland coastal areas.

According to state records, Baton Rouge-based Theophilus Oil, Gas & Land Services led this month's activity, bidding $700,663 to secure mineral rights to 20 land tracts.

The company's interests were clustered in parishes surrounding the Baton Rouge area, mostly in Iberville, Iberia and Assumption parishes.

Theophilus also had the highest single bid during the sale, $462,688 for mineral rights for 761 acres in Assumption Parish.

Other top spenders included Tri-C Resources, which bid $143,000 on a single area spanning Lafourche and St. Charles parishes, and Square Mile Energy, which bid $90,829 on two areas in Lafourche Parish. Both companies are based out of Houston.

The board also sold leases in Avoyelles, Beauregard, Calcasieu, Catahoula, Concordia, Plaquemines, Pointe Coupee, St. James, St. Martin and Vernon parishes.

The Louisiana Mineral and Energy Board has collected more than $16.5 million in revenue so far this fiscal year, which began July 1. The state collected $18.3 million total during the previous fiscal year.