Monday, February 2, 2009

BLM oil, gas leases hit $18.9 million

Jan 28 2009 5:38PM
Eds: APNewsNow.

Bismarck, N.D. (AP) The Bureau of Land Management says its most recent sale of oil and gas leases totaled more than $18.9 million.

BLM officials say Slawson Exploration Co., of Wichita, Kan., had the highest bid of Wednesday's sale. The company bid $3.5 million for leasing rights on a 1,358-acre parcel in Mountrail County.

CP Energy Inc., of Lafayette, La., had the highest per-acre bid of $3,500 for a 580-acre parcel in McKenzie County Of the 71 parcels offered, 26 were in Montana and 45 were in North Dakota. BLM says all but one of the North Dakota parcels got bids. The agency says six parcels in Montana did not get bids.

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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