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Special lease auction approaches new Wyo. record
AP on Yahoo ^ | 7/12/10 | Mead Gruver - ap

Posted on 07/12/2010 5:04:11 PM PDT by NormsRevenge

CHEYENNE, Wyo. – An unprecedented special state oil and gas lease auction to handle a rush to drill for oil in eastern Wyoming has grossed a near-record $42 million.

The Office of State Lands and Investments held Friday's auction in response to demand from oil companies to snap up leasing rights. Figures released Monday showed bids for the right to drill on state land ranged as high as $3,200 an acre.

That's comparable to the high prices paid in May at a regular state lease auction that grossed a record $45.6 million for Wyoming.

Friday's special sale was Wyoming's second highest-grossing sale on record.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; US: Wyoming
KEYWORDS: auction; lease; niobara; wyoming

1 posted on 07/12/2010 5:04:12 PM PDT by NormsRevenge
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To: NormsRevenge

Major wrong-way contrarian bet.


2 posted on 07/12/2010 6:10:02 PM PDT by elkfersupper (Member of the Original Defiant Class)
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To: elkfersupper

They’re betting that these clowns will eventually be tossed out.


3 posted on 07/12/2010 6:14:25 PM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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