Defunct St. Gregory's minerals auction exceeds $10M in bids

SHAWNEE, Okla. (AP) — Investors have paid more than $10 million in bids for assets involving oil and natural gas wells owned by the bankrupt St. Gregory's University in central Oklahoma as part of a court-ordered auction.

Bidders this week paid more than $10.2 million for minerals, royalties, overriding royalties and working interests involving nearly 1,700 properties the Shawnee university owned in 10 states, The Oklahoman reported .

"Techniques for extracting oil are more and more efficient ... and that makes the properties more valuable," said Robert Dauffenbach, director of the Center for...