Skip to comments.Special lease auction approaches new Wyo. record
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 ...
Major wrong-way contrarian bet.
They’re betting that these clowns will eventually be tossed out.