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CHEYENNE, Wyo. (AP) — An online auction of rights to drill on Wyoming state lands has brought in almost $30 million, the most since oil and gas were booming six years ago.
The auction took place over a week. The revenue will help Wyoming during a downturn in the oil and gas market that has depressed state revenue.
Beneficiaries include the state's common school fund, which gets over $26 million.
State officials say 70 bidders sought the right to drill on almost 86,000 acres in 11 counties. The bidders nominated the leases offered and all 197 leases sold.
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