OUR FINDINGS (TABLE 7):
Montana/Dakotas: Eliminating noncompetitive leasing would:
• ✅ Increase auction revenue: $3.1M → $3.2M (+$97K),
• ❌ Decrease rental revenue: $4.1M → $3.7M (-$346K),
• ❌ Decrease royalties: $792M → $773M (-$19.2M),
• 📉 NET EFFECT: -$19.4M
Mark Agerton
