Today the Bureau of Land Management Colorado State Office sold 43 of 54 parcels offered totaling 31,071 acres for $3,260,698.50 including rentals and fees at its quarterly oil and gas lease sale. The highest per-acre price was for a 240-acre parcel in Weld County sold to Colorado Energy Minerals, Inc., in Denver, Colo. for $3,800 per acre.
The State of Colorado will receive 49 percent of the proceeds of the sale, with the remainder going to the federal government.
The State of Colorado received more than $178.6 million in Fiscal_Year 2010 from royalties, rentals and bonus bid payments for all federal minerals, including oil, gas and 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
