Wyoming’s Office of State Lands and Investments garnered $11.6 million for first-year rental and application fees on state trust land parcels offered at a quarterly oil/natural gas lease sale last Wednesday in Cheyenne. The state lands office sold all 199 parcels it offered covering approximately 83,609 acres of state trust lands. Bids ranged from $1 to $5,500/acre, the state unit said. Revenue generated from the state trust lands oil/gas lease auction is distributed to public education, the University of Wyoming and the Veteran’s Home of Wyoming. The “real revenue” from the auction comes later when there is production from the leases, according to Ryan Lance, director of the lands/investment office. The office will hold its next oil/gas lease auction Aug. 8.
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