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Can you negotiate an oil and gas lease?

Remember: all lease terms are negotiable. The landman acquiring the lease may not have authority to negotiate those terms, but someone does. Dont be timid.

What type of auctions do the BLM conduct when oil and gas leases are available?

The BLM may conduct lease sales in-person or through internet-based auctions. Lands offered in the Sale Notice come from two sources: Lands identified by informal expressions of interest from the public; or, Bureau motion, or lands identified by the BLM.

Which two acts gave the BLM responsibility for oil and gas leasing?

The BLMs authority to manage the publics oil and gas resources in the 48 contiguous states comes from two laws -- Mineral Leasing Act of 1920 as amended and the Mineral Leasing for Acquired Lands Act of 1947 .

What is an oil and gas lease sale?

An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowners property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.