RIK(Royalty in Kind ) Crude Oil Sale Nets New Contracts - 8.5 million barrels have been sold to 7 companies

RIK(Royalty in Kind) Crude Oil Sale Nets New Contracts - 8.5 million barrels have been sold to 7 companies: "More than 8.5 million barrels of Royalty in Kind (RIK) crude oil from the Gulf of Mexico and Pacific Ocean have been sold to seven companies as part of an unrestricted sale conducted by the Department of the Interior’s Minerals Management Service (MMS). The contracts announced today, for a total of approximately 8,577,500 barrels of crude, or 47,000 barrels per day, are for six-month terms with delivery scheduled to begin October 1, 2006. The 8.5 million barrels of crude oil will convert to more than 350 million gallons of petroleum products, including gasoline, diesel fuel, heating oil, jet fuel, heavy fuel oil, Liquefied Petroleum Gas (LPG), and other products."