The Bismarck Tribune is reporting:
A Bureau of Land Management oil and
gas lease auction Tuesday netted $36,805 in revenues from the sale of
six federal leases in North Dakota, totaling 1,595 acres.
BTA Oil
Producers of Midland, Texas, submitted the highest per-acre bid at $110
per acre for a 120-acre parcel located in Golden Valley County. It was
also the highest single-parcel bid, coming in at $13,200.
BLM oil
and gas leases are awarded for a period of 10 years and for as long
thereafter as there is production in paying quantities. The lease
revenue and the 12.5 percent royalties collected from the production of
those leases is split between the federal government and the states.
This is different from
the state lease sales. State lease sales are held quarterly; the last one was May, 2015.
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