Louisiana oil and gas lease sales slump in September - FOX 8 WVUE New Orleans News, Weather, Sports, Social

Louisiana oil and gas lease sales slump in September

(Louisiana Department of Natural Resources) (Louisiana Department of Natural Resources)

BATON ROUGE, La. (AP) - Sales of oil and gas drilling rights on Louisiana state and local lands fell to $476,400 in September. The state saw relatively lucrative lease sales in June and August despite falling oil prices.

NOLA.com/The Times-Picayune reports (http://bit.ly/1QeOxEY) the Louisiana Mineral and Energy Board awarded 10 leases covering nearly 1,600 acres during the Sept. 9 sale. The four participating companies nominated 36 tracts covering more than 54,000 acres to be included in the sale.

Bonus revenue collected in June hit $3.7 million, a two-year high, according to state records. Sales fell below $10,000 in July before surging to more than $3 million in August.

Sales rise and fall depending on the amount of data oil and gas companies have on reserves on state and local land.

Information from: The Times-Picayune, http://www.nola.com

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