This story is part of our Quick Hits series. This series will bring you breaking news and short updates from throughout the state.

With the sale of the Kelly Parcel to Grand Teton National Park complete, Wyoming is eyeing oil and gas-rich federal land elsewhere in the Cowboy State to help fund public schools and institutions.

On Dec. 30, Gov. Mark Gordon announced the Office of State Lands and Investments (OSLI) and the Bureau of Land Management (BLM) Wyoming Office have signed a Letter of Intent for the state to acquire or exchange federal land in the state.

OSLI has identified about 121,000 acres of BLM lands in the Powder River Basin and in southwest Wyoming that would meet the state’s goals.

The state’s priorities include advancing Wyoming’s management of oil and gas development, and consolidating land ownership and making management more uniform.

It says it wants to purchase federal land and mineral interests next to existing state trust lands or private lands that aren’t in sensitive habitat or culturally sensitive areas.

Gordon reiterated that he wants to use the $100 million from the Kelly Parcel sale, potentially combined with $62 million from other Teton County parcel sales, to acquire BLM parcels.

“Along with the protection of an iconic parcel of land, we now begin working to ensure that there is no net-gain in federal lands in Wyoming,” Gordon said in a statement. “It has been my goal to utilize the proceeds of this sale to expand the State’s portfolio of lands and minerals, and this is the first step towards doing so.”

The Letter of Intent is an early step in a potential land purchase or exchange. OSLI has begun identifying a list of potential parcels managed by the BLM.