Notice of Proposed Reinstatement of Terminated Oil and Gas Lease, Utah

AGENCY:

Bureau of Land Management, Interior.

ACTION:

Notice.

SUMMARY:

In accordance with Title IV of the Federal Oil and Gas Royalty Management Act (Pub. L. 97-451), Parallel Petroleum Corporation timely filed a petition for reinstatement of oil and gas lease UTU78568 for lands in Uintah County, Utah, and it was accompanied by all required rentals and royalties accruing from March 1, 2006, the date of termination.

FOR FURTHER INFORMATION CONTACT:

Douglas F. Cook, Chief, Branch of Fluid Minerals at (801) 539-4122.

SUPPLEMENTARY INFORMATION:

The Lessee has agreed to new lease terms for rentals and royalties at rates of $5 per acre and 162/3 percent, respectively. The $500 administrative fee for the lease has been paid and the lessee has reimbursed the Bureau of Land Management for the cost of publishing this notice.

Having met all the requirements for reinstatement of the lease as set out in Section 31(d) and (e) of the Mineral Leasing Act of 1920 (30 U.S.C. 188), the Bureau of Land Management is proposing to reinstate lease UTU78568, effective March 1, 2006, subject to the original terms and conditions of the lease and the increased rental and royalty rates cited above.