Bidding and production relationships for federal OCS leases: Statistical studies of wildcat leases, Gulf of Mexico, 1962, and prior sales

The relationships between bids received on wildcat leases issued on federal OCS lands in the Gulf of Mexico from 1954 through 1962 and subsequent drilling on, production from, and relinquishment of these leases were studied. The results provided quantitative answers to questions regarding bidding as prescribed by current laws and regulations. Perhaps the most notable result is the finding that, while leases receiving the most and highest bids tend, on the average, to produce more revenue, such leases tend to produce less revenue per dollar of bonus spent on the lease.