News Release
October Lease Sale Reported by State Mineral Board
For Release
October 21, 2003
As the culmination of two years working closely with the Russell Sage Foundation (a 50 percent mineral owner under Marsh Island) and the Department of Wildlife and Fisheries, an exclusive geophysical agreement was awarded to Summit Energy Company, LLC at the October mineral lease sale in the amount of $4.6 million covering 160,000 acres located primarily in Iberia Parish. The area of the exclusive geophysical agreement includes Marsh Island, on which is located the Marsh Island Wildlife Refuge operated by the state Department of Wildlife and Fisheries, and surrounding waters.
According to Mineral Board secretary Gus Rodemacher, 3-D seismic obtained under this agreement may generate further leasing and drilling activity, with its associated revenues and jobs, on a scale not seen in this area for a long time.
Below are the preliminary results of the Lease Sale conducted on Oct. 8, 2003 and 2003-2004 Fiscal Year totals.
| CLASSIFICATION | NOMINATED TRACTS |
NOMINATED ACREAGE |
LEASES AWARDED |
NO. OF ACRES |
AMOUNT OF CASH PAYMENTS |
|---|---|---|---|---|---|
|
Lease Sale October 8, 2003 |
|||||
| State Offshore Leases | 5 | 7,673.210 | 0 | 0.000 | $0.00 |
| State Onshore Leases | 77 | 92,080.480 | 27 | 7,269.890 | $1,956,759.62 |
| State Dedicated Leases | 3 | 3,139.800 | 1 | 42.000 | $6,300.00 |
| State Agency Leases | 0 | 0.000 | 0 | 0.000 | $0.00 |
| Total Sale | 85 | 102,893.490 | 28 | 7,311.890 | $1,963,059.62 |
| 2003-2004 Fiscal Year | |||||
| State Offshore Leases | 54 | 92,188.630 | 16 | 9,262.890 | $1,983,990.30 |
| State Onshore Leases | 173 | 146,428.900 | 77 | 12,155.400 | $2,990,910.96 |
| State Dedicated Leases | 4 | 3,636.970 | 2 | 539.170 | $57,011.34 |
| State Agency Leases | 9 | 381.559 | 5 | 211.981 | $52,750.73 |
| Total Year to Date | 240 | 242,636.059 | 100 | 22,169.441 | $5,084,663.33 |