Auctioning Oil and Gas Rights LeasesOctober 10th, 2012
Public land auctions for oil and gas lease rights are a critical part of Michigan’s natural resources-based economy. Revenue obtained from the auctions, held twice a year, is directed to public land purchases, maintenance and upgrade of state parks and for wildlife management.
The Department of Natural Resources will be holding the second oil and gas lease auction on October 24, offering rights to over 195,000 acres in 22 counties. The auction will be held at the Lansing Center with registration beginning at 8:00am that morning.
The auctions bring in a significant amount of revenue, initially for the Natural Resources Trust Fund. When the NRTF capped at $500 million, mineral and gas lease money was diverted to the Parks Endowment Fund. This money is critical for sustaining Michigan’s state parks, public lands and natural resources management programs. Be sure to read more on where this money goes.
More information regarding the oil and gas lease auction can be found online.