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Image courtesy of Diamond Resources

A Bureau of Land Management oil and gas lease auction last week netted $17,504,250 in revenues from the sale of 40 federal leases, totaling over 2260 acres in North Dakota.

Diamond Resources Co., of Williston, N.D., submitted a record high per-acre bid at $34,000 for a 53-acre parcel located in Mountrail County, North Dakota.

The company also purchased the highest single-parcel bid at $5,049,000 for a 152-acre parcel in Mountrail County, Q2 News reported.

BLM oil and gas leases are awarded for 10 years and for as long after that while there’s production in paying quantities.

The revenue from the sale of federal leases, as well as the 12.5 percent royalties collected from the production of those leases, is shared between the federal government and the states.

The next Montana/Dakotas federal oil and gas lease sale is scheduled for May 21 at the BLM’s Montana State Office in Billings.