North Dakota's quarterly auction of oil rights on state land last week raised a record $71.6 million, according to an Associated Press story out today. The auction sold drilling rights to nearly 59,000 acres of land in 12 countries for which oil producers paid an average of $1,200 per acre. The highest bids went for approximately 9,600 acres in Mountrail Country where the average lease averaged $3,600 per acre.
The AP story is here.
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