BILLINGS, Mont. (AP) - An online auction of oil and gas leases by the Bureau of Land Management has landed more than $538,800 in bids this week.
The auction held Tuesday offered 23 parcels covering some 12,500 acres (5,058 hectares) in Montana for oil and gas leasing through the competitive online auction.
The BLM says it received bids on 21 of the parcels.
Petro-Hunt LLC of Dallas was the highest bidder, with a total bonus bid of $151,848 for a nearly 1,400-acre (566-hectare) parcel in Dawson County.
The revenue from the sale of federal leases, as well as the 12.5 percent royalties collected from the production of those leases, is shared between the federal government and the state.
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