NEWS

Oil and gas lease sale garners $1.50 per acre

The Associated Press

BILLINGS (AP) – Montana officials say companies paid an average of $1.50 per acre during a sale of oil and gas leases on state land.

The Department of Natural Resources and Conservation says more than 35,000 acres were leased in Tuesday’s sale. Total revenue from the 78 tracts sold was less than $53,000.

The leases included parcels in Custer, Daniels, Dawson, Garfield, Petroleum and Prairie counties.

The next lease sale is scheduled for June 2.