Site search
sponsored by
News
DENVER, Colorado — The Bureau of Land Management Colorado State Office on Nov. 12 sold 11 parcels of 58 offered at its quarterly oil and gas lease sale, totaling 6,043 acres, the agency reported on Friday.
The highest per-acre price was for a 81-acre parcel in Rio Blanco County that sold to Exxon Mobil Corp. for $215 per acre, according to a statement from the BLM.
The high bonus bid of $39,424, the BLM announced, was made by Yates Petroleum Corp., based in New Mexico but with offices in Colorado and Wyoming, for a parcel of 2,464 acres in Garfield County.
The “bonus bid,” according to Jim Sample of the Colorado BLM office, enables Yates to go through the process of applying for drilling rights through the Colorado Oil and Gas Conservation Commission.
A lease authorizes a company or individual to produce oil and gas from wells on public lands managed by the BLM. Additional planning, environmental analysis and public input must occur before drilling can begin.
Efforts to reach Yates for more information about the company's plans were not successful.
Overall, the lease sale earned $112,969 in total proceeds, with 49 percent to go to the State of Colorado.
The State of Colorado received $261.5 million in 2008 from royalties, rentals and bonus bid payments for all federal minerals (including coal), according to the BLM.
The highest per-acre price was for a 81-acre parcel in Rio Blanco County that sold to Exxon Mobil Corp. for $215 per acre, according to a statement from the BLM.
The high bonus bid of $39,424, the BLM announced, was made by Yates Petroleum Corp., based in New Mexico but with offices in Colorado and Wyoming, for a parcel of 2,464 acres in Garfield County.
The “bonus bid,” according to Jim Sample of the Colorado BLM office, enables Yates to go through the process of applying for drilling rights through the Colorado Oil and Gas Conservation Commission.
A lease authorizes a company or individual to produce oil and gas from wells on public lands managed by the BLM. Additional planning, environmental analysis and public input must occur before drilling can begin.
Efforts to reach Yates for more information about the company's plans were not successful.
Overall, the lease sale earned $112,969 in total proceeds, with 49 percent to go to the State of Colorado.
The State of Colorado received $261.5 million in 2008 from royalties, rentals and bonus bid payments for all federal minerals (including coal), according to the BLM.
