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Senator John Hoeven and Congressman Kevin Cramer today announced record high federal oil and gas leasing bids submitted at a Bureau of Land Management (BLM) auction. The sale yesterday of 40 Federal leases netted a total of $17,504,250 in revenues totaling 2,260 acres in North Dakota. A record high per-acre bid for the Montana/Dakotas region of $34,000 and a record single-parcel bid of $5,049,000 for a 152-acre parcel were received for land in Mountrail County.

The BLM Streamlining Act, authored by Senator Hoeven and proposed in the House by Congressman Kevin Cramer, was signed into law on December 26, 2013. Hoeven and Cramer said the new law improves the efficiency of processing federal oil and natural gas permits in North Dakota, making federal leases in the area more attractive as a result.

“We are experiencing a true energy renaissance in our nation right now, led by North Dakota. These record lease bids are just one more example of the tremendous energy work being done in our state,” said Hoeven. “Our BLM Streamlining Act is helping to make the leasing and permitting process more efficient on federal lands in our state. This is just one way we’re working to achieve our goal of true energy independence.”

“The record high bid is a testament to how valuable North Dakota’s oil and gas resources are, and with this streamlining law, our local BLM officials will be better prepared to handle the development from these leases. Officials at the BLM have expressed their gratitude for the bill’s passage and are optimistic about what it means for the future of leasing, permitting, and oversight in the Bakken. Leasing and royalty revenue can help reduce the deficit and be applied to better resource management,” said Cramer. “I’ll continue to push for more resources needed locally and continuation of the Federal Permit Streamlining Pilot Project, as well as helping other areas of the country successfully develop their natural resources.”

The revenue from federal oil and gas leases along with 12.5 percent royalties from the production of those leases, is shared between states and the federal government. The next BLM auction for the Montana/Dakotas region is scheduled for May 21, 2014 at the BLM Montana State Office in Billings.