CHEYENNE, Wyo. (AP) — Officials with the Wyoming Office of State Lands and Investments say the state has made $60 million from oil and gas lease sales this year, far exceeding its revenue goal.

The agency reports the goal was exceeded by 500 percent, and about $53 million from the sales will go into K-12 education funding.

Director Bridget Hill says the agency is hoping the results are a sign that the oil and gas industry is stabilizing.

A sale from earlier this month drew in 80 bidders and nearly $17 million after a weeklong online bidding war.

State and federal land managers say participation and the price per acre in some areas have increased because of the online lease sales.

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