Montana oil and gas lease sale nets $531,563

2013-06-06T05:38:00Z 2013-06-06T14:48:04Z Montana oil and gas lease sale nets $531,563The Associated Press The Associated Press
June 06, 2013 5:38 am  • 

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.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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