Empire Tops High Montana Bidding At $600 An Acre
Empire Oil Co. of Williston grabbed the high bid at $600 an acre in Richland County, at the Montana state oil and gas lease sale on June 5, which brought in $470,980 with bids averaging $27/acre for leases covering 17,039 acres in six counties.
Empire’s bid for 310 acres totaled $186,300 in Sec. 18, T26N-R57E at the sale, which was conducted by the Montana Dept. of Natural Resources and Conservation.
Kraken Oil & Gas II LLC of Houston, which is the only active operator currently drilling in Richland County, was high bidder on several of the tracts. It posted the second highest bid, at $235/acre, for 80 acres in Sec. 25, T27N-R58E.
Kraken paid $61/acre for 120 acres in Sec. 35, T27N-R56E, and the same amount for 640 acres in Sec. 36, T27N-R56E.
The high bidder in Roosevelt County was Sunshine Pacific Corp. of Meeteetse, WY, which paid $60/acre for 640 acres in Sec. 16, T29N-R56E. The second highest bid went to Kraken, which paid $16/acre for 6.5 acres in Sec. 26, T28N-R56E.
In Sheridan County, the high bidder was Ridge Petroleum Corp. of Tyler, TX, which posted a bonus of $26/acre for 485 acres in Sec. 16, T32N-R59E.
The second highest bid in that county came from Cody Exploration LLC of Bismarck, ND, which paid $22/acre for 640 acres in Sec. 36, T31N-R58E.
Primary Fuels LLC of Tulsa, OK was the high bidder for both tracts in Dawson County. It paid $23/acre for 640 acres in Sec. 36, T17N-R53E, and $15/acre for 132 acres in Sec. 32, T15N-R56E.