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U.S. DEPARTMENT OF THE INTERIOR
BUREAU OF LAND MANAGEMENT NEWS RELEASE
 
Release Date: 05/12/11
Contacts: Vanessa Delgado, Public Affairs Specialist, 303-239-3681    
  Jim Sample, Public Affairs Specialist, 303-239-3861    

BLM oil and gas lease sale nets $543,813


 

DENVER  Today the Bureau of Land Management Colorado State Office sold two parcels totaling 1,608.69 acres for $543,813 at its quarterly oil and gas lease sale. The highest per-acre price was for a 648.69-acre parcel in Rio Blanco County that sold to Treasure Resources Inc., in Windsor Colo., for $390 per acre. The high bonus bid of $288,000 was made by the same company for a 960-acre parcel, also in Rio Blanco County.

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 $229.4 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.



The BLM manages more than 245 million acres of public land, the most of any Federal agency. This land, known as the National System of Public Lands, is primarily located in 12 Western states, including Alaska. The BLM also administers 700 million acres of sub-surface mineral estate throughout the nation. The BLM's mission is to manage and conserve the public lands for the use and enjoyment of present and future generations under our mandate of multiple-use and sustained yield. In Fiscal Year 2013, the BLM generated $4.7 billion in receipts from public lands.
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Last updated: 05-12-2011