For Immediate Release
Steven Hall 303-239-3672
February 12, 2009 Jim Sample 303-239-3861
BLM oil and gas lease sale nets $248,000
DENVER--Today, the BLM Colorado State Office sold 26 parcels of 27 offered at its quarterly oil and gas lease sale, totaling 11,257 acres. The highest per-acre price was for an 120-acre parcel in Weld County that sold to Synergy Petroleum Corp. for $250 per acre. The high bonus bid of $80,000 was made by Yates Petroleum Corp. for a parcel of 800 acres in Routt County. Overall, the lease sale earned $248,058 in total proceeds, with 49 percent to go to the State of Colorado.
The State of Colorado received $261.5 million in Fiscal Year 2008 from royalties, rentals and bonus bid payments for all federal minerals (including coal).
A lease authorizes a company or individual to produce oil and gas from the public mineral estate, managed by the BLM. Additional planning, environmental analysis and public input must occur before drilling can begin.
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