State Mineral and Energy Board

October Lease Sale Reported by State Mineral Board

Tuesday, 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.

CLASSIFICATIONNOMINATED
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
Editors: For more information, call Assistant Secretary DNR Office of Mineral Resources Gus Rodemacher at 225-342-4607 or Rick Heck at 225-342-6122.

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