Thursday, June 19, 2008

Cash flows to Osage Nation from oil lease auction

Higher gas prices raised the stakes at the Osage Nation’s auction of oil and gas leases Wednesday, according to the Tulsa World. Thirty-six leases, totaling more than 5,000 acres, brought in $643,900 -- roughly three times the amount the Nation made at a similar auction in March. The Osage Nation began live auctions again this year after a hiatus of several years in which leases were negotiated, reverting to a system that brought millions into the tribe during Oklahoma's oil boom in the 1920s.

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