The Woodlands, Texas – September 15, 2026 -- Arena Energy, LLC was named apparent high bidder on nine Outer Continental Shelf blocks in the Gulf of America, covering more than 40,000 gross acres, following Lease Sale BBG3 held August 12, 2026, at the National WWII Museum in New Orleans.
Sale marks third of 30 mandated Gulf lease auctions under federal law
The auction, conducted by the Department of the Interior's Marine Minerals Administration, was the third of 30 Gulf of America lease sales required under the One Big Beautiful Bill Act. Sale-wide, the event generated more than $80 million in apparent high bids across 59 blocks spanning over 300,000 acres, with 16 companies submitting bids.
Arena's nine blocks carry standard 12.5 percent royalty rate
Arena's winning bids span water depths ranging from 56 to 266 feet, with most acreage concentrated in the company's core operating areas. The blocks are located across four areas of the Gulf of America OCS Region: Matagorda Island Blocks 519, 528, and 529; Eugene Island Blocks 277, 280, 281, and 340; South Timbalier Block 54; and South Pelto Block 25.
CEO cites focus on mature Shelf areas overlooked by rivals
"Lease sales are the lifeblood of continued production in the U.S. Gulf of America, where we produce the cleanest barrels in the world," said Mike Minarovic, CEO and Founder of Arena Energy. He said Arena has built its business by finding value in mature areas of the Gulf of America Shelf that others have passed over, adding that BBG3 provides more such opportunities.
The new acreage adds to Arena's existing shallow-water footprint in the Gulf and follows the company's participation in prior Big Beautiful Gulf lease sales.