The BLM auctioned off oil and gas leasing for 38 parcels covering over 17,300 acres in Eastern Montana and North Dakota through an online sale. | Stock Photo
The BLM auctioned off oil and gas leasing for 38 parcels covering over 17,300 acres in Eastern Montana and North Dakota through an online sale. | Stock Photo
The Bureau of Land Management (BLM) Montana/Dakotas recently raised $570,500 in oil and gas lease auctions, according to a press release by the BLM.
Approximately half of the revenue raised from the lease sales will go to support public education, infrastructure improvements and other state-determined priorities in the states where the oil and gas activity occurs – in this case Montana and North Dakota. The rest will go to the U.S. Treasury.
The BLM auctioned off oil and gas leasing for 38 parcels covering over 17,300 acres in Eastern Montana and North Dakota through an online sale. All 38 parcels received bids from a total of 36 registered bidders.
The oil and gas leases are valid for a period of 10 years, and for thereafter as long as there is production of oil and gas in paying quantities. If the leases result in producing oil or gas wells, 12.5% of the royalties collected is also shared between the federal government and the states.
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