A new estimate of oil and gas mineral rights owned by North Dakota pegs their value at $2.8 billion.
The appraisal released today (Thu) to the state Land Board says that’s an 18% increase from last year.
Officials say the increase comes largely from strong oil and natural gas prices and sustained production over the past year.
The report examined about 9,000 wells in which the state holds an interest. That’s about half of those operating in the state.
In the fiscal year that ended in June, North Dakota received a record $464 million in royalties from state-owned minerals.
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AP
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