Nearly half the bid and rental receipts from lease sales go to the states to directly support public education, infrastructure improvements and other state-determined priorities.
The Bureau of Land Management (BLM) Montana/Dakotas raised $1.6 Million in its quarterly oil and gas lease sale held online July 30. Nearly 50 percent of the revenue from the sale will go to the states where the oil and gas activity occurs – in this case Montana and North Dakota – while the rest will go to the U.S. Treasury.
For this sale, BLM offered 34 parcels covering just over 9,400 acres in Montana and North Dakota for oil and gas leasing through the competitive online auction. There were 56 registered bidders. All 34 parcels received bids.