Bureau of Land Management Nets Over $11 Million in Oil and Gas Lease Sale

| 1/30/2013

A Bureau of Land Management oil and gas lease auction today in Billings, MT netted nearly $11.5 million dollars from leases sold in North Dakota. There were 25 federal leases, a total of 2,831.38 acres, in North Dakota sold at the auction.

Oil and gas leases are awarded by the Bureau of Land Management for 10 years and for as long thereafter as there is production in paying quantities.

Money collected from the sale of the leases, plus 12.5 percent of the royalties collected, is shared between the Federal Government and the state. According to the BLM, North Dakota will receive 48 percent of the money collected.

The highest bid was $1,596,000 for 80 acres in Mountrail County.

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