The State of North Dakota has retained EnergyNet.com, Inc. to provide web-based auction services for State-owned oil, gas and other minerals

News provided by

Jul 25, 2012, 11:07 ET

AMARILLO, Texas, July 25, 2012 /PRNewswire/ -- (www.energynet.com) – EnergyNet is pleased to announce that the State of North Dakota has retained EnergyNet to provide web-based auction services for the State's oil, gas and other mineral leases. This five-year contract was signed on June 1, 2012.

(Logo: http://photos.prnewswire.com/prnh/20110413/DA82174LOGO)

The first North Dakota lease to be offered, Tract # OG-12-01183 located in Williams County, North Dakota, is available for online due diligence at EnergyNet.com. Bidding will begin August 9, 2012 at 2:30 PM CDT.

North Dakota is the first state to have ever utilized an online auction for their lease sales. EnergyNet conducted two previous lease sales for the State of North Dakota. The State conducted the first-ever online auction of subsurface mineral leases, listing 51 potash tracts from April 12 – May 3, 2011. A two-week due diligence period followed by a 7-day bidding period allowed interested parties from all over the world to research the tracts and place bids. A subsequent online oil and gas auction was held in December 2011, hosting bidders from as many as 32 US states and 3 Canadian provinces per tract.

The North Dakota Department of Trust Lands Mineral Management Division is responsible for the management of more than 2.5 million mineral acres. Monies raised through the management and leasing of this acreage is used to fund public education in the State.

Bidders may register and prequalify for bidding on EnergyNet.com at any time. Specific instructions and user guides for all of North Dakota's online lease sales will be available at EnergyNet.com in the Help Center, or at the following link: http://www.energynet.com/page/Government_Listings_Participation

Contact:
John S. Munroe
VP Engineering / Government Affairs
EnergyNet.com, Inc.
440 Louisiana, Suite 600
Houston, TX 77002
Phone: 832.403.3122
FAX: 832.201.9598
E-mail: [email protected]
www.energynet.com

SOURCE EnergyNet