BLM sells 34,287 acres of leases

RENO (AP) - The U.S. Bureau of Land Management has sold leases for oil and gas drilling on more than 34,000 acres in Nevada for a total of $123,360.

The agency offered 101 parcels covering 192,635 acres and sold 23 parcels at its quarterly lease sale Tuesday.

The highest bid parcel, which sold for $2 per acre, is located in Eureka County.

The 10-year leases call for annual rentals of $1.50 per acre for the first five years and $2 an acre after that until production begins. A royalty of 12.5 percent is charged once a lease is producing.