BLM Utah Delivers a Record $64.2MM Federal Oil and Gas Lease Sale

On December 10, 2025, the Bureau of Land Management Utah State Office conducted a federal oil and gas lease sale that set a new record by more than $10 million for the office based on aggregate bonus bids. The sale, hosted by Efficient Markets, highlighted how competitive price discovery in federal leasing emerges when acreage quality, and bidder preparedness align.

The December offering included 48 parcels covering 68,203.45 acres in Uintah County, with all parcels receiving bids. Thirty-two bidders registered for the sale, with seventeen ultimately placing bids, illustrating the difference between broad market interest and bidders willing to compete.

Bidding Activity and Competition

Bidding activity throughout the sale was sustained and competitive with a total of 555 bids. This level of participation reflects consistent competition across the offering rather than isolated bidding on a small number of tracts. Aggregate high bids totaled $64.2 million. The highest per acre bid reached $3,208, while the largest single lease bonus totaled $8.21 million.

A review of the bid history shows disciplined escalation rather than erratic price chasing. Many parcels experienced long bid sequences with incremental advances, indicating that multiple bidders were underwriting similar value ranges and remained engaged through successive rounds. Several parcels attracted more than twenty bids, a pattern typically associated with technically informed bidders actively defending acreage positions.

Winning Bidders and Allocation of Capital

Winning bidders represented a mix of established operators and mineral focused investment groups with demonstrated experience in Uintah County and the broader Rockies. Otter Creek LLC emerged as the dominant buyer in the sale, securing 22 parcels totaling approximately 33,407 acres with more than $41.3 million in aggregate bonus bids. The scale and concentration of Otter Creek’s acquisitions indicate a deliberate strategy centered on assembling a large, contiguous inventory within a single county.

Anschutz Exploration Corporation acquired 11 parcels covering roughly 15,552 acres, committing nearly $11.0 million in bonus bids. Anschutz’s participation reflects a continued focus on high quality federal positions supported by a long operating history in the Rockies.

Looking Ahead

The December 10, 2025 BLM Utah oil and gas lease sale stands as a milestone event for the state based on total bonus bids. Strong participation, sustained competition, and disciplined bidding combined to produce a result that will likely influence expectations for future Utah offerings. As markets look ahead to 2026, this sale serves as a reminder that well-structured public offerings continue to attract serious buyers and establish clear market signals when fundamentals align.

For additional details on this sale or to learn more about upcoming federal oil and gas offerings, please contact the Efficient Markets at government@efficientmarkets.com.