Continental Resources, a major developer in the Bakken-Three Forks oil play, was top bidder in Wednesday's oil and gas lease auction of federal minerals in North Dakota.
The company submitted the highest per-acre bid of $33,000 an acre for 29 acres in McKenzie County. It also submitted the highest bid for a parcel at $6.8 million for a 400-acre parcel in Mountrail County.
The Bureau of Land Management manages federal minerals and auctioned 19,000 acres in North and South Dakota at the quarterly event. The sale netted $50 million on 87 separate leases.
BLM leases are for 10 years and continue as long as there is paying production.
The BLM's next quarterly auction will be held in October.
— Lauren Donovan