Montana oil and gas lease sale nets $531,563

Montana oil and gas lease sale nets $531,563 on almost 30,000 acres sold

Associated Press

BILLINGS, Mont. (AP) -- Montana officials say an oil and gas lease auction drew successful bids on almost 30,000 acres in 15 counties scattered across the state.

Companies submitted bids totaling $531,563 in Tuesday's auction hosted by the Department of Natural Resources and Conservation.

That translates into an average bid of $18.11 per acre.

The highest per-acre bid came from Harvey Mineral Partners LP. The company bid more than $85,000, or $270 per acre, for a 315-acre tract in Dawson County.

The state's next oil and gas lease sale is scheduled for Sept. 4.

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