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ND Oil And Gas Leases Fetch $17.5M

Thu, 01/30/2014 - 10:59am
Associated Press

BISMARCK, N.D. (AP) — The Bureau of Land Management says its most recent sale of oil and gas leases in North Dakota totaled more than $17.5 million.

BLM says 40 federal leases were sold Wednesday.

The agency says Williston-based Diamond Resources Co. submitted a record high bid of $34,000 for each acre in a 53-acre parcel in Mountrail County.

Diamond Resources also purchased the highest single-parcel bid at more than $5 million for a 152-acre parcel in Mountrail County.

Competitive oil and gas lease sales are conducted at the BLM's Montana state office in Billings. Money from the sales is shared with states and counties. All leases are issued for a 10-year term.

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