Today, the Bureau of Land Management Colorado State Office sold 10 of 19 parcels offered at its quarterly oil and gas lease sale, totaling 9,114.93 acres sold. The highest per-acre price was for a 600.25 acre parcel in Park County that sold to Land Energy Inc. for $110 per acre. The high bonus bid of $216,000 was made by Land Energy Inc. for a parcel also in Park County. Overall, the lease sale earned $426,322 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 activity can begin.
Source: U.S. Department of the Interior, Bureau of Land Management
