Conduct of sales.

§ 3141.6–3 Conduct of sales. (a) Combined Hydrocarbon Leases. (1) Competitive sales shall be conducted by the submission of written sealed bids. (2) Minimum bids shall be not less than $25 per acre. (3) In the event that only 1 sealed bid is received and it is equal to or greater than the minimum bid, that bid shall be considered the highest bid. (4) The authorized officer may reject any or all bids. (5) The authorized officer may waive minor deficiencies in the bids or the lease sale advertisement. (6) A bid deposit of one-fifth of the amount of the sealed bid shall be required and shall accompany the sealed bid. All bid deposits shall be in the form of either a certified check, money order, bank cashier's check or cash. (b) Oil and Gas Leases. Lease sales for oil and gas leases will be conducted using the procedures for oil and gas leases in § 3120.5 of this title. (c) Tar Sand Leases. (1) Parcels shall be offered by oral bidding. (2) The winning bid shall be the highest oral bid by a qualified bidder, equal to or exceeding $2.00 per acre. (3) Payments shall be made as provided in § 3120.5–2 of this title. [48 FR 7422, Feb. 18, 1983, as amended at 70 FR 58616, Oct. 7, 2005]