Louisiana Department of Natural Resources earns $3.5 million at November mineral lease sale
Despite the current problems facing the national economy, Louisiana collected $3.5 million at its mineral lease sale in November, which State Mineral Board Director Marjorie McKeithan describes as “showing interest [that] leasing Louisiana mineral rights for energy production is still strong.” Bids on tracts in the Haynesville Shale area decreased from the peak sales in June, as companies are focusing on developing the tracts that were leased in the past few months. Despite the recent trend of falling prices for oil and gas, the Department of Natural Resouces reports that “leasing activity in areas outside the Haynesville Shale zone closely tracks typical lease sale history from recent years.” The Department of Natural Resources’ news release can be found at http://dnr.louisiana.gov/INDBDS/MINBOARD/MINLEASE/112008/newsrel.ssi
