News - National
Oil, gas leases in high demand in western Neb.
Posted: Apr 24, 2011 1:55 PM by AP posted By James H Egbert
LINCOLN, Neb. (AP) - Oil and gas leases over the Niobrara shale formation in western Nebraska are in high demand.
Richard Endacott of the Nebraska Bureau of Educational Lands & Funds says the board's last two lease auctions have been the most lucrative in its history. They brought in a combined $3.2 million for 133,000 acres in 2010.
Endacott told the Lincoln Journal Star that there's a serious interest in drilling.
The Niobrara shale formation is under parts of Colorado, Wyoming, Nebraska and Kansas.
Not everyone thinks there's an oil boom brewing for the state.
Bruce Evertson has been drilling for oil in western Nebraska for more than 40 years. He says he's never seen a strong showing from the Niobrara shale here and thinks most of the oil is Colorado and Wyoming.
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Information from: Lincoln Journal Star,
http://www.journalstar.com
(Copyright 2011 by The Associated Press. All Rights Reserved.)
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