BLM Colorado Online Oil and Gas Lease Sale Nets $153,637
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The BLM Colorado State Office has completed the BLM's first online oil and gas lease sale. BLM sold 19 parcels of 28 offered at the sale, totaling 7,701 acres. The lease sale earned $153,637 in total proceeds, with 49 percent going to the State of Colorado.The highest per-acre price was for a 1.2-acre parcel in Rio Blanco County that sold to Petroleum Development Corp. for $777 per acre. The high bonus bid of $111,265 was made by ABO Petroleum Corporation, MYCO Industries, Inc., Yates Drilling Co., and Yates Petroleum Corporation for a 1,444-acre parcel in Rio Blanco County.The sale was conducted entirely online over an eight-day period, beginning Sept. 9 and concluding on Sept.17. Some 48 bidders registered to participate in the sale, which was approximately the number registering for individual live on-site sales over the past year.The BLM was directed by Congress to hold the pilot online lease sale auction. The results of the sale and the online process will be analyzed and reported back to Congress in the coming months. BLM Colorado's next lease sale, set for Nov. 12, will return to the on-site format, at the BLM Colorado State Office in Lakewood.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). Leases authorize a company or individual to explore and develop 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 located primarily in 12 western states, including Alaska, on behalf of the American people. The BLM also administers 700 million acres of sub-surface mineral estate throughout the nation. Our mission is to sustain the health, diversity, and productivity of America’s public lands for the use and enjoyment of present and future generations.