BLM sells oil and gas lease

Filed under: Uncategorized | Tags:, ,

The Bureau of Land Management Colorado state office sold a parcel totaling 820 acres for $3,018, including rentals and fees at its quarterly oil and gas lease sale.

The per-acre price for the parcel in Rio Blanco County was $2, and sold to Retamco Operating Inc., in Red Lodge, Mont.

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 $229.4 million during 2010 from royalties, rentals and bonus bid payments for all federal minerals, including oil, gas and 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.