BLM lease sale rakes in $ 22.6 mm

Nov 07, 2008 01:00 AM

The US Bureau of Land Management says its most recent sale of oil and gas leases in North and South Dakota and Montana totalled more than $ 22.6 mm.
BLM officials say Contex Energy had the highest bid of the sale. The Dickinson company bid $ 5.4 mm for leasing rights on a 1600-acre parcel in Mountrail County. Contex Energy also had the highest per-acre bid of $ 3,600 for a 1,120-acre parcel in Mountrail County.

Of the 78 parcels offered, 17 were in Montana, 47 were in North Dakota and 16 were in South Dakota. BLM says all parcels got bids except one in South Dakota.
Competitive oil and gas lease sales are conducted at the BLM's Montana state office in Billings, Montana. Money from the sales is shared with states and counties. All leases are issued for a 10-year term.

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