Danco Exploration, Inc. v. State, Department of Natural Resources

OPINION

MATTHEWS, Justice.

This ease concerns the claim of Danco Exploration, Inc., to interest on funds submitted in connection with seven State oil and gas tracts on which Danco was declared high bidder.

In a State lease sale Danco submitted a deposit of money equal to twenty percent of its bonus bids. On February 12, 1993, the Division of Oil and Gas of the Department of Natural Resources (DNR) notified Danco that it was the winning bidder for the seven tracts and that it must submit executed leases and stipulations and the balance of the bonus bids within thirty days. Danco timely paid the…