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North Dakota drilling rights auction nets nearly $8.5M

BISMARCK, N.D. — A quarterly state auction for oil drilling rights on North Dakota state land has fetched nearly $8.5 million.

The Bismarck Tribune reports that more than 10,500 mineral acres in nine counties were auctioned Tuesday at the state Capitol.

A total of 340 acres were auctioned for over $3.6 million in Mountrail County. About 245 acres went for almost $2.3 million in Dunn County.

The auction brought in the largest total of bonus payments since May 2014, when the state collected $16.6 million from 18,240 mineral acres in 13 counties. State Land Commissioner Lance Gaebe says that’s a positive sign amid low oil prices.

Money from the auctions is placed into several state trust funds for areas including education.

In related news, U.S. oil refiners look abroad for crude supplies as North Dakota boom fades.

Information from: Bismarck Tribune, http://www.bismarcktribune.com

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

One comment

  1. Way to go Sioux County….. maybe we won’t end up in a “cluster poo” like the rest of them
    What they don’t know WILL HURT THEM !!!!
    It’s called the old Thunder Hawk routine… just play dumb !