BLM oil and gas lease sale nets $102,953 (08-09-12)
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Today the Bureau of Land Management Colorado State Office sold 1 parcel totaling 921.87 acres for $102,953 including rentals and fees at its quarterly oil and gas lease sale. The parcel was sold to Lone Tree Energy and Associates in Littleton, Colo. for $110 per acre.
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 $154 million in Fiscal_Year 2011 from royalties, rentals and bonus bid payments for all federal minerals, including oil, gas and coal. Overall, oil and gas development in Colorado contributed $9.5 billion to the economy in FY 2011.
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 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.