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