Oil, Gas Leases Hit Record in North Dakota, Montana

BISMARCK, N.D. – The Bureau of Land Management says its monthly regional sale of oil and gas leases totaled more than $30.5 million.

BLM officials say the sale on Tuesday set a record for leases in North Dakota and Montana. The agency says it eclipsed the record of $13.1 million set in January 2005.

BLM says XTO Energy of Fort Worth bid a record $8.3 million for leasing rights on a 2,332-acre parcel in North Dakota’s Dunn County. The agency says the highest per-acre bid was $4,600 from Helis Oil and Gas Co. of Billings, Mont., for 200 acres in McKenzie County.

Of the 71 parcels offered, 24 were in Montana and 47 were in North Dakota.

Competitive oil and gas lease sales are conducted every other month 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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