Today, the BLM Colorado State Office sold five of 11 parcels offered at its quarterly oil and gas lease sale, totaling 1,388 acres. The highest per-acre price was for a 432-acre parcel in Weld County that sold to Martin Real Estate Company for $160 per acre. The high bonus bid of $69,280 was also made by Martin Real Estate Company for the same parcel. Overall, the lease sale earned $139,233 in total proceeds, with 49 percent to go to the State of Colorado.
The State of Colorado received more than $229.4 million in Fiscal_Year 2009 from royalties, rentals and bonus bid payments for all federal minerals, including coal.
A lease is the first step for a company or individual before eventually applying to develop and produce oil and gas from the BLM-managed public mineral estate. Additional planning, environmental analysis and public input must occur before drilling can begin
Source: U.S. Department of the Interior, Bureau of Land Management
