The state's quarterly oil lease auction was held November 2. While the total amount raised has not been announced, the winning bidders and bonus/acre amounts are available here. The next auction is scheduled to be held on December 10.
The previous auction held in August raised nearly $64 million, while the May auction raised a record $158 million. Most of the income goes to either the Common Schools Trust Fund, which benefits public schools, or the Lands and Minerals Trust Fund, which is used by the Legislature for special projects
Leases allow the lessee to explore for oil and gas for five years. If a well is drilled and produces oil or gas then the lease lasts as long as there is production. All leases carry a royalty rate of 1/6. Royalty is collected and accounted for on production from over 520 wells.
More information is available from the North Dakota Land Department
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