The company submitted the winning bids for 987.03 acres of the 1,180 acres auctioned last week by the federal Bureau of Land Management. All of the acreage is in Ohio’s Monroe County, one of the top drilling spots in the Utica Shale.
Eclipse Resources, with offices in State College, submitted winning bids that totaled $3.55 million.
Flat Rock Development submitted winning bids totaling $1.14 million for 120.39 acres and investor Philip White submitted the winning bid of $396,840 for 39.68 acres. In all, 20 parcels were auctioned off for nearly $5.2 million by the BLM.
It was the second auction in the Wayne National Forest. An auction last December on 719 acres raised $1.7 million for the federal government. A third auction is planned in June.
At present, there are 1,200 vertical-only wells in the 240,000-acre national forest that is a mix of federal and private lands.