The article examines how auctions for offshore oil and gas leases work when one bidder has more information than others. They use a model with a random reservation price to show that the informed bidder is more likely to bid low. The study found that the uninformed bidder's bids don't increase as fast as the informed bidder's, and both bidders' distributions are the same for bids above the reservation price. The data from federal sales of offshore leases support these findings.