BLM oil and gas lease sale nets $248,000
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.

Click here for preliminary lease sale results.

 
 
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