North Dakota oil lease sale raises $4.8M for school trustBISMARCK, N.D. (AP) — An auction for the rights to drill for oil on North Dakota state lands has raised $4.8 million.
BISMARCK, N.D. (AP) — An auction for the rights to drill for oil on North Dakota state lands has raised $4.8 million.
The state Department of Trust Lands auctioned exploration rights to more than 54,000 acres in 13 western North Dakota counties this week in Medora.
Parcels in Dunn, Golden Valley and Slope counties fetched a total of about $3.8 million. The remaining 10 counties got a total of about $1 million in bids.
The average payment ranged from $1.82 per acre in Mercer County to more than $1,000 per acre in McKenzie County.
The money goes into trust funds that benefit education in North Dakota.