BLM auctions Colorado energy leases for $2.1M

Staff Denver Business Journal

The federal Bureau of Land Management raised $2.1 million from the auction of oil and gas leases on 68,897 acres in Colorado, the Summit County Citizens Voice reports.

Colorado will receive 49 percent of the revenue; the federal government gets the rest.

The highest price paid was for an 80-acre parcel in Bent County. A Pennsylvania company, Martin Oil & Gas, paid $300 an acre. Acquiring a lease is just the first step a company must take before any exploration for oil or natural gas can take place on the federal land within the state.

Source: http://feeds.bizjournals.com/~r/bizj_national/~3/jeCdSLb_Xf8/blm-auctions-colorado-energy-leases.html

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