Bidders at Oct. 26-27 state lease auction exercise restraint; still spend fourth highest total ever while passing on nearly 40 percent of acreage

摘要

LANSING, Mich. — Competition for leases was not nearly as strong at the Oct. 26-27, 2010 auction sale of state of Michigan-owned oil and gas lease rights as at the historic May 2010 sale — which saw $178 million spent, resulting in a per acre average of more than $1,500 — but participating bidders nonetheless spent selectively in driving auction totals to the fourth highest ever for the state in both acres leased and total bonus bid.