Along with the Montana Department of Natural Resources and Conservation (DNRC), Governor Greg Gianforte announced a record-setting oil and gas lease sale on state trust lands, totaling $2.85 million in revenue.

“We’ll continue to ramp up American-made energy in Montana to make our state and nation energy independent and secure,” Gov. Gianforte said. “All the while, we’ll prioritize additional revenues from these oil and gas lease sales for the benefit our schools and to ensure our kids have access to the best education possible.”

Approved by the State Board of Land Commissioners this morning, this sale represents the most revenue from a single sale since 2012.

It also ranks as the highest average bid price per acre and on a single tract in the history of oil and gas lease sales on state trust lands.

The sale included 4 tracts in in Pondera, Richland, and Toole counties. The lease sale was held on an online auction format through EnergyNet from August 29 to September 4.

“DNRC has the privilege of managing natural resources to generate revenue from state trust lands throughout Montana to support our public schools,” said DNRC Director Amanda Kaster. “This record-setting sale will bring additional funding for students in public schools throughout the state.”

Funds generated by leases on state trust lands contribute to the education fund for the state. Oil and gas leases are comprised of a set annual leasing fee per acre, plus a one-time competitive bid, known as the bonus amount. If the leases are developed and produce oil, they generate additional royalty revenues.

DNRC manages state trust lands, including the auction of oil and gas leases. For more information on oil and gas lease sales, see here.