Sidney Company Dominates High Bidding At Montana Sale
Fossil Hill Resources of Sidney, MT dominated the high bidding on three Roosevelt County tracts, as the Montana state oil and gas lease sale, held on Dec. 4, brought in $485,496 in bonuses, with bids averaging $53.81 an acre.
Leases on 9,023 acres in seven counties were auctioned off by the MT Dept. of Natural Resources and Conservation in Helena.
Fossil Hill’s highest bid was $550/acre for a total of $352,000 for 640 acres in Sec. 4, T27N-R57E. It also paid $255/acre for 120 acres in Sec. 17, T27N-R57E and $250/acre for 160 acres in Sec. 7, T27N-R57E.
The only other tract of 149 acres was picked up by Sunshine Pacific Corp., with a high bid of $120/acre in Sec. 26, T27N-R58E along the Missouri River.
Minimum low bidding of $1.50 was prevalent for many tracts, with Primary Fuels LLC of Tulsa picking all 16 tracts in Dawson County. It came in with a high bid of $30/acre for 80 acres along the Yellowstone River in Sec. 9, T14N-R55E.
Primary also paid $15/acre for two tracts; one was 198 acres in Sec., 14N-R56E, and the other one was 215 acres in Sec. 8, T14N-R56E.
In Sheridan County, the only tract was picked by Mitch Palmer of Gargel, TX, who paid $15/acre for seven acres in Sec. 1, T35N-R58E.
In Toole County, Petro-Sentinel LLC of Littleton, CO came in with highest bid of $37/acre for 80 acres in Sec. 31, T37N-R2W.
In the same county, Farleigh Oil Properties of Casper was high bidder at $30/acre for 80 acres in Sec.29, T37N-T2W, and also paid $26/acre for 130 acres in Sec. 30, T37N-R2W.