BLM May oil and gas lease sale nets $652,057
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Today, the BLM Colorado State Office sold 43 parcels of 51 offered at its quarterly oil and gas lease sale, totaling 42,986 acres. The highest per-acre price was for a 14.7-acre parcel in Dolores County that sold to Liberty Petroleum Corp. for $130 per acre. The high bonus bid of $56,300 was made by Hannon & Associates Inc. for a parcel of 562.47 acres in Huerfano County. Overall, the lease sale earned $652,057 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.
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.