Auction Shows Strong Interest In Neb. Oil Drilling

By: Associated Press Email
By: Associated Press Email

Companies remain interested in acquiring the right to drill for oil in Nebraska even though production in the state remains stable.

The Lincoln Journal Star reports the prices bidders paid last month at an auction of mineral rights shattered the old record of $39.35 per acre.

The bidders paid an average of $58.83 per acre for the right to drill on 16,171 acres, but a couple parcels in Dundy County drew more than $200 an acre.

Officials say land in southwest Nebraska has drawn considerable interest from oil companies recently.

Last year, Nebraska wells produced about 2.5 million barrels of oil, up about 10,000 barrels over 2011. So far this year production is down slightly.

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