(the times)
Posted 6/23/2009 9:40

BATON ROUGE, La. (AP) — 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 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 U.S.