Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Lucretius who wrote (18671)	4/9/1998 11:05:00 PM
From: Teddy	Read Replies (1) of 95453

Oh, i forgot this one: TEXAS: Operators placed high bids totaling $34.7 million on 186 tracts in Texas' 1998 Spring Lease Sale. The high bid total makes the lease sale the state's largest since 1976 and the third largest in state history. The sale also posted the highest ever bonus per acre at $450.72. Most of the activity was on state tracts in the Gulf of Mexico. Eighty of the 186 tracts receiving bids are in the Gulf of Mexico. Cockrell Oil & Gas placed the sale's highest bid, a $1.6 million offer for a tract offshore Kleberg County. In all, seven bids over $1 million were placed in the sale. All of the million-dollar bids were on Gulf tracts. What a waist of money. Don't they know that oil and gas are almost worthless? Well, it least it won't cost them must to drill, dates dropped 20% today.

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