BLM oil and gas lease sale nets $139,233
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Today, the BLM Colorado State Office sold five of 11 parcels offered at its quarterly oil and gas lease sale, totaling 1,388 acres. The highest per-acre price was for a 432-acre parcel in Weld County that sold to Martin Real Estate Company for $160 per acre. The high bonus bid of $69,280 was also made by Martin Real Estate Company for the same parcel. Overall, the lease sale earned $139,233 in total proceeds, with 49 percent to go to the State of Colorado.
The State of Colorado received more than $229.4 million in Fiscal_Year 2009 from royalties, rentals and bonus bid payments for all federal minerals, including 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 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.