The June mineral-lease sale hit a three-year low by bringing in only $1.4 million for the state. In all, the Louisiana Mineral Board awarded 11 leases, mostly in northern parishes. By comparison, last year’s June sale produced more than $35.8 million for the state and 38 leases for oilmen and independent producers. In 2008 at this time, the Mineral Board had collected roughly $63 million. This spike in activity last year resulted from a buying frenzy in north Louisiana’s Haynesville Shale. Industry estimates indicate natural gas in the formation may make the largest onshore find in the United States.
State mineral-lease sales hit three-year low
Sign up for the free Daily Report email – local news about the people, companies and issues that impact business impact business in Baton Rouge and beyond.
