NEW ORLEANS — and waterbottoms brought in $11.5 million as interest in oil and natural gas exploration continued a sharp shift to the southern parishes.
Last week, the board awarded 32 leases covering more than 15 acres. Of those, 30 were located in southern parishes.
Over the past year, the monthly sale has seen a growing trend of more interest in southern Louisiana following an earlier rush to the Haynesville Shale of northwestern Louisiana, which is believed to have natural gas reserves of up to 39 trillion feet.
Industry analysts say that with oil prices bouncing around $100 per barrel, and with natural gas prices largely stuck at $4 per thousand cubic feet and lower, drillers will be turning more of their attention to looking for oil.
Recently, Rehan Rashid, energy analyst with FBR Capital Markets, said he expects Haynesville drilling to be cut in half over the next year or so with the current scenario of oil and natural gas prices.
The energy board said that for the current fiscal year that began July 1, the state has collected $35.9 million for government mineral rights.
In the latest sale, $9.4 million was paid for rights in the Rockefeller Wildlife Refuge, owned by the Louisiana Department of Wildlife and Fisheries, and the Loggy Bayou Wildlife Management Area, which is owned by LDWF, the Army Corps of Engineers and the Louisiana State Land Office.
"In a tight budget year, the mineral revenues generated in the March sale will help us maintain Louisiana's incredible natural and wildlife resources," said LDWF Secretary Robert Barham.
Money from the Rockefeller Wildlife Refuge in Cameron Parish will be placed in the Rockefeller Wildlife Refuge and Trust Fund and Protection Fund. Money from the Loggy Bayou Wildlife Management Area in Bossier Parish will go to the LDWF Conservation Fund, the agency's primary operating fund. LDWF does not use state general funds.
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