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.