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Oil and gas lease sale brings in $4.3 million

BILLINGS, Mont. — Federal land managers say an auction of oil and gas leases in North Dakota brought in almost $4.3 million.

The Bureau of Land Management said seven leases were sold totaling 1,742 acres.

Herco LLC of Billings submitted the highest per-acre bid, offering $13,750 for a 233-acre parcel in Dunn County.

BLM oil and gas leases are awarded for 10 years and remain in effect as long as oil or gas production continues. Revenues from lease sales and royalties are shared between the federal government and states.

The next sale for of leases in Montana and the Dakotas is scheduled for May 6 in Billings, Montana.

In related news, Montana’s Bakken boom might have gone bust.

This article was from The Associated Press and was legally licensed through the NewsCred publisher network.