North Dakota’s February Bakken lease sale raised $47 million, the second-highest amount in the state's history (#1 was November 2009, at $71 million). The sale “bodes well for the pace of drilling activity and portends a growing rig count in the play, which currently sits at around 80 rigs,” noted Madison Williams Equity Research.
Highlights
The highest bid was submitted by Irish Oil & Gas Inc. The company bid $7,300 an acre for three 40-acre tracts in Mountrail County. Other acres in Mountrail averaged $1,617/acre. The second highest bid was also made for Montrail County. Empire Oil bid $6,600 an acre bid for 100 acres in the county. The most leased acres came out of Burke County with 11,977 acres leased. The bids in the county averaged roughly nearly $600 an acre.
