The state collected more than $12.1 million on Wednesday for its October sale of petroleum rights to government-owned land. The sale in Baton Rouge by the Louisiana Mineral Board was the fifth highest by amount in the past five years. Officials said 29 leases covering more than 1,600 acres were awarded. Of the 29 leases sold, 23 were in the area of the Haynesville Shale in northwestern Louisiana, considered one of the largest domestic natural gas finds in year. Those leases average more than $8,300 an acre. The Times of Shreveport says Cypress Energy Corp. won mineral rights to 478 acres in Shreveport; the city expects to collect $4.1 million from the sale. The company offered $8,700 per acre and a 25% royalty rate for any minerals extracted.
October mineral lease sale brings $12.1 million
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